Fitch rates Stonegate B-, notes, loans B+

Fitch Ratings said it assigned Stonegate Pub Co. Financing 2019 plc an expected long-term issuer default rating of B- with a stable outlook and its senior secured debt totaling £1.9 billion an expected senior secured rating of B+/RR2.

“Fitch expects the enlarged U.K. pub group Stonegate, following its recent acquisition of the EI Group portfolio, to revert to its pro forma run-rate EBITDA by FY22 (end-September 2022) post-pandemic. This, together with realized synergies, should result in a lease-adjusted net debt/EBITDAR below 6.5x. As at July 2020, over 80% of the enlarged group’s pubs are trading, but segments of the Stonegate portfolio’s high-EBITDA pubs remain closed,” Fitch said in a press release.

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