S&P affirms Franklin Ireland Topco

S&P said it affirmed its B long-term issuer credit rating on Franklin Ireland Topco Ltd., the parent of value-added tax refund and payment solutions provider Planet. The outlook on Planet remains stable.

S&P also affirmed its B issue ratings on the €355 million term loan B and the €65 million revolving credit facility. The recovery rating on the loan is 3, reflecting an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 50%) in the event of a payment default.

“The affirmation reflects our view that, although Planet may not reach our previous forecast of S&P Global Ratings-adjusted EBITDA of €65 million-€70 million in 2018, the current rating is supported by the company's free operating cash flow generation profile (before cash collection from receivable securitization), together with adequate liquidity position,” S&P said in a news release.

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