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Moody’s might trim Ei Group
Moody’s Investors Service said it placed under review for downgrade the B1 corporate family rating and the B1 rating of Ei Group plc's £275 million senior secured bond due in 2031.
The outlook was changed to ratings under review from stable.
The agency said the review follows the announcement on July 18 that the boards of directors of Ei Group and Stonegate Pub Co. Bidco Ltd., a wholly-owned subsidiary of Stonegate PCL (B2, developing outlook) have reached agreement on the terms of a recommended all-cash acquisition of the entire share capital of Ei Group for about £1.3 billion.
“Upon completion of the acquisition, EIG's ratings will be aligned with the rating of Stonegate,” the agency said in a news release.
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