Moody's rates Sani/Ikos B3, note Caa1

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Sani/Ikos Group SCA. Moody's also assigned a Caa1 rating to the guaranteed senior secured bond expected to be issued by Sani/Ikos Financial Holdings 1 Sarl.

"The CFR reflects strong recovery expectations exceeding 2019 levels for the company's high-quality holiday resorts, but also its high leverage position well into 2023," said Oliver Schmitt, a Moody's vice president, senior credit officer and lead analyst for Sani/Ikos. "The bond rating reflects its subordinated position to largely mortgage-backed debt on the operating subsidiary level."

The proceeds will be used to repay debt.

Moody’s noted the company has received binding commitments to refinance a large part of its Greek secured debt facilities, which leaves some refinancing needs in each year, under €90 million annually, until the bond maturity in 2026.

The outlook for both entities is stable.

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