Moody’s rates Cerved tap B3

Moody’s Investors Service said it rated the €195 million tap issuance by Castor SpA (Cerved Group SpA) to its €1.05 billion backed senior secured floating rate notes due 2029 B3 and affirmed the B3 rating on the outstanding notes. The agency also affirmed its B3 ratings on Cerved and its €350 million backed senior secured fixed rate notes due 2029. Additionally, Moody’s changed its outlook for Cerved to stable from positive.

"Today's change in outlook to stable reflects the negative impact on Cerved's financial profile of the company's €195 million backed senior secured floating-rate note tap issuance, as well as of our revised expectations for growth, deleveraging and free cash flow (FCF) generation over the next 12-18 months. Our estimates have been revised downwards due to the company's weaker-than-expected financial performance in 2022," said Fabrizio Marchesi, a Moody's vice president, senior analyst and lead analyst for the company, in a press release.

"However, we also continue to view Cerved's business profile as solid, which is a key factor that supports the company's B3 CFR," Marchesi added.

Cerved will use the proceeds to fund a distribution to shareholders.

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