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S&P rates Triton Water notes B, CCC+
S&P said it assigned a B issue-level rating to Triton Water Holdings, Inc.'s $750 million of senior secured notes due in 2028 and a CCC+ issue-level rating to its $670 million of senior unsecured notes due in 2029.
The secured notes, which rank equally with the company's recently launched $1.8 billion first-lien term loan, have a 3 recovery rating, reflecting an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default. The recovery rating on the unsecured notes is 6, reflecting an expectation for negligible (0%-10%; rounded estimate: 0%) recovery.
One Rock Capital and Metropoulos & Co. are using the proceeds and the term loan to partly fund Nestle Waters North America's acquisition.
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