Bulletin: It Is Too Early To Determine The Credit Impact Of Piolin Bidco's Disposal Of Its U.S. Business

This report does not constitute a rating action. MADRID (S&P Global Ratings) March 24, 2025--S&P Global Ratings said today that its ratings and outlook on Spain-based recreational park operator Piolin Bidco S.A.U. (Parques Reunidos; B-/Stable/--) are not immediately affected by the company's announcement that it will dispose of its U.S. operations. We will determine the credit implications once the acquisition closes, which we anticipate will happen during the second quarter of 2025. We view this asset sale as transformative for Parques Reunidos as its U.S. business accounts for about 33% of the group's revenues and 31% of its reported EBITDA. While we understand the transaction aligns with the company's long-term strategic plan to consolidate its leading position in the European

...March 24, 2025 This report does not constitute a rating action. MADRID (S&P Global Ratings) March 24, 2025--S&P Global Ratings said today that its ratings and outlook on Spain-based recreational park operator Piolin Bidco S.A.U. (Parques Reunidos; B-/Stable/--) are not immediately affected by the company's announcement that it will dispose of its U.S. operations. We will determine the credit implications once the acquisition closes, which we anticipate will happen during the second quarter of 2025. We view this asset sale as transformative for Parques Reunidos as its U.S. business accounts for about 33% of the group's revenues and 31% of its reported EBITDA. While we understand the transaction aligns with the company's long-term strategic plan to consolidate its leading position in the European leisure market, from a business perspective, we think it would significantly reduce the company's scale and geographic diversification. That said, we understand that the transaction will be settled...

Bulletin