Moody’s cuts Dakar notes, rates Autodis notes B2

Moody's Investors Service said it affirmed the B2 corporate family rating of Dakar Finance SA, a holding company of the Autodistribution group, and downgraded the probability of default rating to B2-PD from B1-PD and the instrument rating on the €239 million senior holdco pay-if-you-can notes to Caa1 from B3.

Concurrently, the agency assigned a provisional B2 instrument rating to the envisaged €510 million senior secured fixed- and floating-rate notes due 2020 to be issued by Autodis SA, and will withdraw the B2 instrument rating of the €270 million existing senior secured notes upon their successful redemption.

The outlook is stable.

Net proceeds from the new senior secured notes will be used to effect full repayment of the existing €270 million senior secured notes, repay the €80 million outstanding under the Doyen acquisition bridge facility and redeem €140 million of the senior holdco pay-if-you-can notes.

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