...- Spanish food retailer cooperative Eroski issued 500 million in senior secured notes and a 113 million amortizing term loan A (TLA), due 2029, to refinance its capital structure. - With more than 4.8 billion in revenue and 469 million in S&P Global Ratings-adjusted EBITDA in fiscal year 2022 (ended Jan. 31, 2023), Eroski is the fourth-largest food retailer in Spain, with a leading market share in the north. - We assigned our 'B+' long-term issuer credit rating to Eroski S. Coop. and our 'B+' issue rating to the group's notes, with a '3' recovery rating, indicating our expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default. - The stable outlook reflects our expectation that Eroski's 2%-5% annual revenue growth, elevated EBITDA margin of about 10%, and moderately positive free operating cash flow (FOCF) generation will keep our consolidated adjusted leverage at about 4.5x and consolidated EBITDAR coverage at about 2.0x in fiscals 2023-2025....
