Moody's assigns Almirall notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the new €250 million of guaranteed senior unsecured notes issued by Almirall, SA. Concurrently, the agency affirmed Almirall's Ba3 corporate family rating and its Ba3-PD probability of default rating.

“The assignment of a Ba3 rating to the new senior unsecured notes issued by Almirall, in line with its Ba3 CFR, reflects their pari passu ranking with the company's other debt instruments, which are all unsecured and include a €150 million syndicated loan, a €80 million EIB loan and a €275 million revolving credit facility (RCF). All of Almirall's debt instruments are issued at the level of the parent company, Almirall SA, which is also an operating company. While the syndicated loan, EIB loan and RCF are unguaranteed, the new notes will be guaranteed by several operating companies,” the agency said in a press release.

The outlook is stable.

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