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S&P rates Amphora loan B
S&P said it assigned a B long-term issuer credit rating to Amphora Intermediate II Ltd., the parent of Accolade Wines group.
The agency also said it assigned a B rating to the £301 million senior secured term loan B due 2025 with a recovery rating of 3, indicating 50% to 70% expected default recovery.
The ratings are in line with the preliminary ratings assigned to the company in May, S&P noted.
The outlook is stable.
Accolade Wines is the fifth largest wine company in the world by volume, the agency said.
S&P said it expects Accolade to report total annual sales of about A$950 million to A$1 billion and reported EBITDA of A$85 million to A$90 million for its fiscal year ending June 30.
The company's business risk profile is supported by the good brand equity power of its main wine brands, the agency added.
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