S&P gives NielsenIQ, facilities B

S&P said it assigned B ratings to NielsenIQ (Intermediate Dutch Holdings) and its planned $350 million revolving credit facility due 2026, $950 million term loan B due 2028, and $650 million, euro-equivalent term loan B due 2028. The agency assigned a 3 recovery rating to the facilities.

“Our rating on NIQ reflects its healthy and aggressive competition from regional players, primarily IRI Holdings Inc. in the U.S. market, which affects its market share and EBITA margin profile. The company has historically underperformed with a lack of revenue growth and a below-average EBTIDA margin profile, particularly in the U.S., compared with other players due to its less robust technology platform and weaker service offerings,” S&P said in a press release.

The outlook is stable. The outlook reflects the view NIQ is a well-positioned player in the industry and incorporates the belief its cost-savings plans will improve its debt to EBITDA to about 5x by the end of fiscal year 2021, the agency said.

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