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S&P assigns Superannuation, loans BB
S&P said it gave preliminary BB ratings to Superannuation and Investments FinCo Pty Ltd. and its planned A$1.5 billion equivalent first-lien term loan and A$150 million delayed-drawdown term loan. The preliminary recovery rating on the first-lien facility is 3, reflecting an expectation for a meaningful (65%) recovery in default.
“SI Group was formed following KKR & Co. Inc.'s (KKR; A/stable/--) proposed acquisition of 55% of CFS from CBA (AA-/stable/A-1+). SIF operates as a funding vehicle for the SI Group's operating subsidiaries, which include Colonial First State Investments Ltd. (Cfsil) and Avanteos Investments Ltd. (AIL),” S&P said in a press release.
The outlook is stable. The company’s outlook reflects the expectation it will operate with leverage, as calculated by S&P Global Ratings, in the 4x-5x range during the next 12 months, the agency said.
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