Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable

Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable
Published Feb 02, 2022
6 pages (2683 words) — Published Feb 02, 2022
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On Feb. 1, 2022, BCP Renaissance Parent LLC announced it is amending its existing term loan B. The company has performed better than our previous forecast, resulting in higher distributions and better leverage and coverage ratios. As a result, we raised our issuer credit rating on the company to 'B+' from 'B'. At the same time, we raised our issue-level rating on its $1.1 billion outstanding senior secured term loan B to 'B+' from 'B'. The recovery rating is unchanged at '3' indicating our expectation of meaningful recovery (60%) in the event of a payment default. The stable outlook reflects our expectation that BCP will continue reducing its debt balance via the excess cash sweep and maintain debt to EBITDA

  
Brief Excerpt:

...- On Feb. 1, 2022, BCP Renaissance Parent LLC announced it is amending its existing term loan B. The company has performed better than our previous forecast, resulting in higher distributions and better leverage and coverage ratios. - As a result, we raised our issuer credit rating on the company to 'B+' from 'B'. - At the same time, we raised our issue-level rating on its $1.1 billion outstanding senior secured term loan B to 'B+' from 'B'. The recovery rating is unchanged at '3' indicating our expectation of meaningful recovery (60%) in the event of a payment default. - The stable outlook reflects our expectation that BCP will continue reducing its debt balance via the excess cash sweep and maintain debt to EBITDA of about 7.0x-7.5x over the next two years....

  
Report Type:

Research Update

Issuer
BCP Renaissance Parent LLC
GICS
Asset Management & Custody Banks (40203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable" Feb 02, 2022. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-BCP-Renaissance-Parent-LLC-Upgraded-To-B-On-Better-Than-Expected-Performance-Outlook-Stable-2789531>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: BCP Renaissance Parent LLC Upgraded To 'B+' On Better-Than-Expected Performance; Outlook Stable Feb 02, 2022. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-BCP-Renaissance-Parent-LLC-Upgraded-To-B-On-Better-Than-Expected-Performance-Outlook-Stable-2789531>
  
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