gategroup Holding AG plans to issue a Swiss franc (CHF) 1 billion-equivalent term loan B and use most of the proceeds to repay debt maturing during 2026. It is also in the process of amending its shareholder loan, as a result of which we would treat that loan as equity. Given the shareholders' commitment to reducing leverage at gategroup, we anticipate that the S&P Global Ratings-adjusted weighted-average ratio of debt to EBITDA for 2025-2026 will fall below 5.0x. If the transaction closes as planned, the company's capital structure and liquidity position will significantly improve. Therefore, we placed our 'B-' issuer credit rating on gategroup on CreditWatch positive and assigned a 'B+' issue rating to the proposed term loan B, which
