S&P: Ephios Bondco secured notes B+, unsecureds B-

Standard & Poor’s said it assigned a B+ long-term corporate credit rating to Ephios Bondco plc.

The agency also said it assigned a rating of B+ to Ephios Bondco’s €1.485 billion senior secured notes due in 2022. The recovery rating on the notes is 4, indicating 30% to 50% expected default recovery.

S&P also said it assigned a B+ long-term corporate credit rating to Ephios Holdco II plc and a B- rating to the €375 million senior unsecured notes issued by Ephios Holdco II.

The agency also said it assigned a recovery rating of 6 to the debt, reflecting 0 to 10% expected default recovery.

The outlook is stable.

The ratings reflect a view that Cinven, the private equity firm that owns them, has successfully completed the acquisitions of Labco SA and Synlab Holding GmbH.

S&P said it expects both the acquired entities to be consolidated under Ephios Bondco.

Ephios Holdco II is considered to be a core group entity as it is a financing subsidiary, the agency said.

The ratings reflect the group’s satisfactory business risk profile and highly leveraged financial risk profile, S&P said.

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