Moody’s assigns B2 to Atalian notes

Moody's Investors Service said it assigned a B2 instrument rating to the proposed new €600 million senior notes due 2024 to be issued by La Financiere Atalian SAS and affirmed its B1 corporate family rating and B1-PD probability of default rating.

The outlook was changed to positive from stable.

Atalian will use the proceeds to: (a) Refinance the €400 million senior notes due 2020; (b) repay drawn amounts and cancel bilateral facilities; (c) pay related fees and expenses; and (d) fund the planned expansion of the group over the next 24 months.

At the completion of the transaction, Moody's will withdraw the B2 instrument rating assigned to the existing notes.

"The change of outlook to positive reflects Moody's expectation that Atalian's business profile will continue benefitting over the next 18 months from increased geographical diversification outside of its domestic French market through bolt-on acquisitions supported by the significant additional liquidity provided by the new notes, while maintaining a disciplined approach in terms of expansion strategy and reducing its gross leverage to below 4.5x pro forma for the acquisitions," Sebastien Cieniewski, Moody's lead analyst for Atalian, said in a news release.

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