Moody’s rates Twist Beauty B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Twist Beauty International Holdings SA, parent of Albea Beauty Holdings SA.

The B2 corporate family rating and the B2-PD probability of default rating of Albea Beauty were withdrawn.

Concurrently, the agency affirmed the B2 rating to the €385 million and $408 million senior secured term loans B due April 2024 and to the $105 million senior secured revolving credit facility due April 2023, both borrowed or to be borrowed by Albea Beauty.

The outlook is stable.

Moody's said the actions reflect an expectation that Albea will continue its positive trading performance achieved year to date September 2017 and gradually reduce the elevated leverage of 5.9x for the last 12 months to Sept. 30, supported by positive industry trends in the near term, the planned acquisition of Covit to complete in March 2018 and ongoing optimization of the cost structure.

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