S&P puts Rubix on positive watch

S&P said it placed its B- ratings on Rubix Group Holdings Ltd. and its secured debt on CreditWatch with positive implications. The placement follows the company’s recently reported plans for an IPO, the agency said.

“If Rubix successfully completes its IPO, the company is likely to have sufficient proceeds to reduce gross debt levels significantly. Rubix has announced its expected intention to float on the London Stock Exchange. We expect the transaction to close in December 2021,” S&P said in a press release.

Rubix carries about €1.8 billion of reported debt, including its first- and second-lien term loans, its revolving credit facility, its Covid-19-related loans in France and Spain and its preference shares, as well as other short-term debt.

“The CreditWatch placement represents the potential to upgrade Rubix by up to two notches if the IPO proceeds are used to sustainably reduce leverage and depends on the group's financial policy after the IPO,” S&P said.

The agency said it aims to resolve the CreditWatch once the IPO closes.

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