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Moody's assigns B2 to TSS
Moody's Investors Service said it assigned B2 ratings to Poseidon BidCo SAS’ (TSS) planned €250 million senior secured multicurrency revolving credit facility due 2028 and the planned €1.05 billion senior secured term loan B due 2028. The agency also assigned a B2 corporate family rating and a B2-PD probability of default rating.
"TSS benefits from a leading position in the global point-of-sale (POS) terminal market, which, in combination with its solid technological know-how, should permit the company to tap into growth opportunities," said Fabrizio Marchesi, a Moody’s vice president, senior analyst and lead analyst for TSS, in a press release.
"However, the global POS market is cyclical and very competitive, and we believe there is significant execution risk associated with a turnaround of the company's financial performance, which will be necessary to improve its financial metrics going forward," added Marchesi.
The term loan proceeds will be used to finance a portion of the acquisition of B&A International Holding SAS.
The outlook is stable.
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