Moody’s rates Louvre BidCo B2

Moody’s Investors Service said it assigned a B2 corporate family rating with positive outlook to Louvre BidCo SAS, the consolidating entity of the MCS group.

The agency also affirmed the B2 rating of the backed senior secured notes issued by Louvre BidCo and changed the outlook on the rating to positive from stable.

At the same time, the agency withdrew the B2 corporate family rating assigned to Promontoria MCS SAS. At time of withdrawal the outlook was stable.

“The assignment of the B2 corporate family rating reflects MCS's leadership in the French debt purchasing market; adequate debt serviceability with a 30-year track record mitigating model pricing risk of the purchased portfolios; and lower than peers' leverage with predictable cash flow,” Moody’s said in a news release.

“The rating also reflects the company's monoline business model, which is both significantly smaller and less diversified than European peers, and its ambitious organic growth strategy.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.