Moody’s changes Parts Holding view to positive

Moody’s Investors Service it changed the outlook for Parts Holding Europe SAS to positive from stable.

The agency also affirmed the company’s ratings, including the Caa1 corporate family rating and the Caa1-PD probability of default rating.

“The positive outlook reflects our expectations that revenues and earnings will continue to improve over the next 12-18 months and result in a strengthening of the credit metrics so that they are more commensurate with a B3 CFR, notably Moody’ s-adjusted debt/EBITDA of around 6.5x or below, and positive free cash flow,” said Eric Kang, a Moody’s vice president, senior analyst and lead analyst for Parts Holding, in a press release.

Concurrently, Moody’s affirmed the Caa1 ratings on the backed senior secured notes due 2022 and 2025 and issued by Parts Europe SA, including the €280 million tap under the 2025 notes.

Proceeds will be used to partially refinance the notes due 2022. The terms of the new notes will be the same as the €300 million backed senior secured notes due 2025 and issued in July 2020.

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