Moody's rates Gestamp notes B1

Moody's Investors Service said it assigned a provisional Ba3 corporate family rating to Gestamp Automocion, SA. Concurrently,

Moody's assigned a provisional B1 rating (LGD4, 60%) to the planned €750 million senior secured notes issuance by Gestamp Funding Luxembourg SA.

The outlook is stable.

Moody's said the ratings are supported by: (a) Gestamp Automocion's solid business profile with investment grade characteristics, (b) a track of successful expansion under an experienced management team with a clear strategy; and (c) leverage and interest cover ratios that are solid for the Ba3 rating category.

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