LONDON (S&P Global Ratings) Jan. 29, 2021--S&P Global Ratings said today that its rating on Kirk Beauty (CCC+/Negative) already incorporates the increased refinancing risk implied by its 2022 maturities, but still depends on an orderly refinancing. This is because of the revolving credit facility (RCF) and senior secured debt due in February and July 2022, respectively. We will monitor first quarter (Q1) trading and refinancing in the next few months. Kirk Beauty's credit metrics for the fiscal year ended Sept. 30, 2020 (FY2020) showed very high financial leverage, broadly in line with our expectations. The group's S&P Global Ratings-adjusted leverage was 8.5x, and EBITDA plus rent over cash interest plus rent was 1.2x, with reported EBITDA of €456 million (post
