Moody's assigns to Kedrion, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating Kedrion SpA. Moody's also gave a B1 rating to its planned €410 million of guaranteed senior secured notes due 2026.

Kedrion's B1 CFR reflects positive industry fundamentals with rising demand for plasma-derived products and high barriers to entry, its balanced geographic split and its good safety track record to date among other factors, Moody’s said.

However, the agency noted Kedrion is overall weakly positioned in its rating category because of Kedrion's limited scale and market share against its main competitors and concentration on plasma-derived products, which constrain its credit quality and low profitability levels compared to peers, among other factors.

Kedrion will use the proceeds to repay debt, fund a tender launched on April 23, cover transaction-related fees and add cash to the balance sheet.

Concurrently, Kedrion is securing new term loans totaling €140 million due 2026 and a new €100 million revolving credit facility due 2026, which will all remain initially undrawn.

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