S&P rates Bite, bonds B

S&P said it assigned preliminary B ratings to PLT VII Finance BV (Bite group) and the bonds that PLT VII Finance Sarl will sell. Private equity firm Providence Equity Partners acquired Bite in 2015.

The company competes in a relatively stable market, but S&P said Bite is highly leveraged with adjusted debt to EBITDA at 6x-6.2x in 2020. The high leverage is partly offset by good free operating cash flow conversion and interest coverage, S&P said.

The outlook is stable, which reflects S&P’s forecast Bite will raise its organic revenue by 4%-5% from 2021.

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