S&P rates eircom loans B+

S&P said it assigned its B+ issue and 3 recovery ratings to eircom Finco Sarl’s new facility B3 term loan due May 2029. The 3 recovery rating indicates meaningful recovery expectations (50%-70%; rounded estimate: 55%) in default.

The new tranche is part of the planned partial refinancing of its senior secured term loans, in which the loans in facility B or facility B2 would roll over into facility B3.

“The rating on the proposed facility is in line with that on the existing senior secured term loans and senior secured notes,” S&P said in a press release.

The outlook is stable.

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