Peer Holding, Parent Of Netherlands-Based Nonfood Discounter Action Holding, Assigned 'B+' Rating; Outlook Stable

Netherlands-based nonfood discounter Action Holding B.V. (Action) has refinanced its current debt structure by issuing €1,125 million of a single new term loan out of a holding company, Peer Holding B.V., and upsizing its revolving credit facility to €75 million. Action is using this new funding, together with cash on the balance sheet of about €115 million, to refinance €730 million of existing term loans, distribute dividends of €500 million, and cover fees. We are assigning our 'B+' long-term corporate credit rating to Peer Holding B.V. The stable outlook reflects our expectation that, following the refinancing and dividend payment, Action will continue to successfully implement its growth strategy on the back of sound operational execution, leading to sales and profit

...+ Netherlands-based nonfood discounter Action Holding B.V. (Action) has refinanced its current debt structure by issuing 1,125 million of a single new term loan out of a holding company, Peer Holding B.V., and upsizing its revolving credit facility to 75 million. + Action is using this new funding, together with cash on the balance sheet of about 115 million, to refinance 730 million of existing term loans, distribute dividends of 500 million, and cover fees. + We are assigning our 'B+' long-term corporate credit rating to Peer Holding B.V. + The stable outlook reflects our expectation that, following the refinancing and dividend payment, Action will continue to successfully implement its growth strategy on the back of sound operational execution, leading to sales and profit growth. In turn, this should result in a moderate reduction in leverage. LONDON (Standard & Poor's) March 14, 2016--Standard & Poor's Ratings Services said today that it assigned its 'B+' long-term corporate credit...

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