Moody's rates UniFin loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to UniFin (Unither).

The agency also said it assigned B2 ratings to the €305 million term loan B and the €25 million revolving credit facility borrowed at the level of UniFin.

All of the ratings have a stable outlook.

The proceeds from the transaction will be used to refinance the company's existing term loan B and partially reimburse shareholder loans, Moody's said.

The ratings reflect the company's solid long-term track record as a niche operator within the broader contract development and manufacturing organization market, the agency said, along with its strong historical organic growth and further good near term growth perspectives.

The ratings also consider the company's modest size with 2018 revenues estimated to be about €300 million and a degree of customer concentration, Moody's said.

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