This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) Oct. 28, 2026--Infragroup Bidco's latest term loan B (TLB) tap to fund external growth does not affect our'B'long-term issuer credit rating on the company or the'B'issue rating on its senior secured debt. The company issued a €250 million senior secured add-on to the existing €1.6 million term loan B (TLB), maturing in 2030. Infragroup will use the proceeds to fund its mergers and acquisitions (M&A) pipeline, including already signed or closed acquisitions, and to pay transaction fees. We regard the add-on as in line with Infragroup's external growth strategy to expand in Europe. The recovery on the total senior secured debt is'3', indicating
