LONDON (Alliance News) - Flooring maker Victoria PLC said Thursday credit rating agency Standard & Poor's had issued a BB- rating on its recently-announced EUR450 million bond.
The move by S&P follows credit agency peer Fitch Ratings gave a BB Stable rating for the bond.
On Monday, Victoria announced it intended to offer EUR450 million in senior secure notes due 2023.
On Wednesday - after its share had dropped sharply on the news - Victoria reiterated the proceeds from the bond would be used "solely" to refinance its current two-year facilities and to pay related costs and would not increase overall debt.
Shares in Victoria were 5.2% higher at 399.80 pence on Thursday, still 34% down since the start of Monday.
Victoria (VCP)