S&P gives Sunshine debt B+, B-

S&P said it assigned its B+ long-term issuer credit rating to Sunshine Mid BV, the new parent company of Refresco Group NV.

The outlook is stable.

At the same time, the agency assigned its B+ issue rating to the multi-currency €1.958 billion senior term loan B facilities and €200 million revolving credit facility issued by Sunshine Investments BV and guaranteed by Sunshine.

The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.

The agency also assigned its B- issue rating to the subordinated €445 million senior secured debt instruments issued by Sunshine. The recovery rating of 6 indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery.

S&P withdrew the issuer credit rating on Refresco following the redemption and cancellation of the senior facilities agreement.

The agency said the ratings reflect debt protection metrics consistent with a highly leveraged financial risk profile and S&P’s view of Refresco's market strength and operating strategy.

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