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S&P rates Fleet Topco loan B+
S&P said it assigned a preliminary B+ issue rating to the first-lien senior secured U.S. term loan facility issued by Fleet Bidco Ltd. and Fleet US Bidco Inc.
Both are subsidiaries of Fleet Topco Ltd., the parent of Argus Media.
S&P also assigned a preliminary B+ rating to Fleet Topco.
“Our preliminary rating on Fleet Topco Ltd. (Argus, or the group) reflects its market position as the second-largest price-reporting agency (PRA) globally, coupled with favorable operating dynamics, including a mostly subscription-based earnings profile with high retention rates, earnings visibility, and embedded products,” said S&P in a press release.
The outlook is stable.
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