Moody's: Dematic, notes B3

Moody's Investors Service said it assigned a B3 corporate family and probability of default ratings to Dematic SARL, along with a provisional B3 rating to the €214 million senior secured guaranteed notes to be issued by Dematic SA, a fully owned and guaranteed subsidiary of Dematic SARL.

The outlook is positive.

The ratings reflect the company's strong market position in a relatively fragmented logistics and materials handling solutions industry, the group's improving cost position and project execution since the business was acquired by Triton in 2006, Moody's said.

The company has a good level of geographical diversification with strong market positions in Europe and North America, the agency said.

The ratings also consider its exposure to retail markets, which are generally less cyclical than industrial end markets, Moody's said, although there is a strong element of correlation to GDP growth.

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