Moody’s gives Polygon, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Polygon AB.

Concurrently, the agency assigned a B1 instrument rating to the group's proposed €210 million senior secured notes due 2023.

The outlook is positive.

The proposed notes will be used to refinance the group's existing €180 million senior secured notes due April 2019 and to cover transaction fees and expenses including the premium for the early redemption of the outstanding notes.

The new financing package also comprises a proposed €40 million super senior secured revolving credit facility maturing 2023 to be raised by Polygon International AB, which Moody's expects to remain fully undrawn at closing.

The agency said the corporate family rating is supported by Polygon's leadership position in the fragmented European property damage restoration market and broad offering of 24/7 preventive and loss mitigating services, operational flexibility to meet demand peaks and advanced technical capabilities, which give the group a competitive edge and help secure long-standing customer relationships.

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