S&P gives Fluidra, loan BB

S&P said it assigned its BB long-term issuer credit rating to Fluidra SA.

The outlook is stable.

At the same time, the agency assigned its BB issue ratings to the €850 million euro-equivalent floating-rate first-lien term loan maturing in 2025. The recovery rating is 3, indicating expectations of 50%-70% recovery (rounded estimate: 55%) in the event of payment default.

S&P didn’t assign ratings to the revolving credit facility or asset-based loan.

The merger between Fluidra and Zodiac Pool Solutions Sarl was completed following approval from the antitrust regulators.

“The merger has been cash neutral for the group, given that it has been funded through the issuance of new Fluidra shares to Zodiac's existing shareholders,” S&P said in a news release.

“We believe the refinancing of its debt structure supports the group's debt maturity profile.”

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