Fitch revises Stonegate Pubs view to negative

Fitch Ratings said it revised the Outlook on Stonegate Pub Co. Ltd.’s long-term issuer default rating to negative from stable and affirmed the IDR at B-.

“The outlook revision reflects the heightened trading uncertainty due to the evolving roll out of regional lockdowns under the U.K. government’s tiered approach. As a predominantly wet-led portfolio of pubs, the vast majority of these would not be able to operate in a tier 3 regional lockdown. Additionally, the extent and duration of regional lockdowns are unknown, which could place pressure on Stonegate’s already limited liquidity profile under its highly leveraged capital structure,” Fitch said in a press release.

Fitch also affirmed the senior secured rating on the senior secured instruments issued by Stonegate Pub Co. Financing 2019 plc at B+/RR2 and the second-lien rating on the subordinated debt issued by Stonegate Pub Co. Bidco Ltd. at CCC/RR6.

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