Moody's: Global TIP loans B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Global TIP Holdings One BV.

Concurrently, Moody's assigned a provisional B1 rating to the €278 million term loan B and €55 million revolving credit facility to be raised by Global TIP Finance BV, a subsidiary of Global TIP Holdings.

The outlook is stable.

"The assigned (P)B1 rating balances TIP Trailer's small scale, limited growth prospects for its core leasing business and the commoditised nature of its assets with the company's high cash flow predictability and strong balance sheet, with low leverage and strong asset/debt coverage," Sebastien Cieniewski, a Moody's assistant vice president and lead analyst for Global TIP Holdings, said in a news release.

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