MELBOURNE (S&P Global Ratings) Feb. 14, 2024--S&P Global Ratings today said it has assigned its 'B-' long-term issuer credit rating to Titan Parent New Zealand Ltd. (Titan Parent). The outlook is stable. Titan Parent, a New Zealand-based online marketplace and classifieds business, is the parent company of Titan AcquisitionCo New Zealand Ltd. (B-/Stable/--) and Trade Me Group Ltd. (B-/Stable/--). It is also the issuer of the group's consolidated financial statements.
We view Titan AcquisitionCo New Zealand Ltd., the debt issuing entity for the consolidated group, as a core member of the group. In addition, we consider Trade Me Group Ltd. to be a holding company for the consolidated group. Our rating and outlook on Titan Parent reflect the company's status as the parent of Titan AcquisitionCo New Zealand Ltd. and Trade Me Group Ltd. Today's rating action has no impact on the 'B-' long-term issue rating and '3' recovery rating on the senior secured first-lien term loans issued by Titan AcquisitionCo New Zealand Ltd.
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Primary Credit Analyst: | Tristan Ong, Melbourne +61 3 9631 2176; tristan.ong@spglobal.com |
Secondary Contact: | Aldrin Ang, CFA, Melbourne + 61 3 9631 2006; aldrin.ang@spglobal.com |
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