Asda Stores Ltd.

Primary Analysis: Asda £1.75B SSNs Tighter IPT In Low-Mid 8s vs Peers Justified With Strong Asset Coverage, Margins, Cash Generation; Competition From Discount Retailers Remains a Risk

Tue 04/30/2024 06:27 AM
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Credit Research: Nikhil Varsani
Legal Research: Ian Chin
Reporting: Beatrice Mavroleon


Relevant Items:
Preliminary OM
Covenant Analysis
Historical Financials on Fundamentals by Reorg
2021 Primary Analysis
























Bellis Acquisition Company plc - £1.75B Senior Secured Notes due 2030
Sector Consumer Staples
Sub-Sector Distribution & Retail
Sponsor/Ownership TDR Capital (50%); Issa Brothers (50%)
Issuer Rating (M/S&P/F) B2/B+/B+
Issue Rating...
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