S&P affirms Vistra ratings

S&P said it affirmed its B long-term issuer credit rating on Vistra Group Holdings (BVI) I Ltd., a Hong Kong-based business services provider. The outlook is stable.

S&P also affirmed its B long-term issue rating and 3 recovery rating on the company's senior secured first-lien credit facilities, indicating an expectation of a meaningful recovery (50%-70%; rounded estimate: 50%). The facilities consist of a US$75 million equivalent revolving credit facility due 2020 and a US$1.086 billion equivalent term loan due 2022, after upsizing.

At the same time, the agency affirmed its CCC+ long-term issue rating and 6 recovery rating on the company's US$70 million equivalent second-lien term loan due 2023, indicating an expectation for a negligible recovery (0%-10%; rounded estimate: 0%).

“We affirmed our rating because we do not expect the proposed acquisition of Radius to significantly alter Vistra's credit risks,” S&P said in a news release.

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