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S&P lowers BrightHouse
S&P said it lowered the long-term issuer credit rating on BrightHouse Group plc to CC from CCC- and placed the rating on CreditWatch with negative implications.
The agency also lowered the issue rating on BrightHouse's existing £220 million senior secured notes due 2018 to CC from CCC- and placed the rating on CreditWatch negative.
The recovery rating on the senior secured notes is unchanged at 4, indicating an expectation of average recovery (30%-50%; rounded estimate: 35%) in the event of a default.
The downgrade follows BrightHouse's Dec. 8 announcement that it has entered into an agreement with the majority of the existing noteholders and its current majority shareholder, Vision Capital, to refinance its existing senior secured notes, the agency explained.
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