S&P rates Trade Me loan B

S&P said it assigned a B issuer credit ratings to Titan AcquisitionCo New Zealand Ltd. and Titan's operating entity, Trade Me Group Ltd.

The agency also said it assigned a B rating to the company's $605 million first-lien term loan.

Titan AcquisitionCo benefits from its leading position in the online classifieds and online new and used marketplace in New Zealand, S&P said.

Trade Me's highly leveraged capital structure weighs on the rating, the agency said.

The ratings reflect an assessment of Trade Me's leading position in the online classifieds industry and the online new and used marketplace in New Zealand, S&P said.

The company has a highly recognizable brand and loyal customer base in the New Zealand market, the agency said.

The stable outlook reflects our view that Trade Me will continue to generate revenue growth and stable EBITDA margins, S&P said.

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