S&P affirms Vistra Group

S&P said it affirmed its B long-term issuer credit rating on Hong Kong-based business services provider Vistra Group Holdings (BVI) I Ltd. 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. The facilities consist of a US$75 million equivalent revolving credit facility due 2020 and a US$1.16 billion equivalent term loan due 2022, after the proposed upsizing. S&P expects a recovery of around 55% on first-lien debt in the event of default.

At the same time, S&P said it affirmed its CCC+ long-term issue rating and 6 recovery rating on the company's US$196 million equivalent second-lien term loans due 2023, pro forma for the additional debt. S&P does not expect any recovery on the second-lien debt in the event of default.

“We affirmed our rating on Vistra because we do not expect a proposed dividend distribution funded through debt issuance to significantly alter the company's credit quality,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.