Fitch puts THG Operations on positive watch

Fitch Ratings said it placed THG Operations Holding Ltd.'s long-term issuer default rating of B+ and the senior secured instrument rating of BB- on rating watch positive.

“The RWP follows the announcement of THG's intention to list on the London Stock Exchange. The equity offering will include newly issued shares with an expected value of around £920 million. Fitch understands that some of these proceeds will fund earmarked (and/or future) acquisitions enhancing the already strong organic deleveraging capability,” Fitch said in a press release.

Fitch said it aims to resolve the placement upon the outcome of the IPO, and further articulation from THG regarding its acquisition strategy and financial policy, which would lead to either affirming or upgrading the IDR to BB-.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.