Moody's rates Domestic & General notes B2, B3

Moody's Investors Service said it assigned a B2 corporate family rating and B1-PD probability of default rating to Galaxy Finco Ltd. (Domestic & General), the UK-based warranty services provider.

Concurrently, the agency assigned a provisional B2 rating to the £150 million senior secured floating-rate notes due 2019 and the £200 million senior secured notes due 2020 issued by Galaxy BidCo Ltd., and a provisional B3 rating to the £150 million senior notes due 2021 raised by Domestic & General.

The outlooks are stable.

Moody's said the provisional B2 rating for senior secured floating- and fixed-rate notes reflects their subordination to the £80 million super senior revolving credit facility due 2019. Similarly, the provisional B3 rating for the £150 million senior notes incorporates the substantial amount of notes ranking ahead.

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