Moody's assigns Signify notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Signify NV proposed issue of euro-denominated floating- and fixed-rate senior unsecured notes.

The proceeds is expected to be used for the repayment of the €1.263 billion bridge loan facility, which was used to finance the acquisition of Cooper Lighting Solutions.

“Moody's believes that the utilization of the proposed note issuance, the repayment of the €1.263 billion bridge loan facility, improves the quality of the company's capital structure. This, together with a relatively strong resilience against the impact of the Covid 19 pandemic as evidenced by its Q1-20 financial figures and its good liquidity makes Signify adequately positioned in its current rating category,” the agency said in a press release.

The outlook is stable.

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