Moody’s cuts Atalian, rates notes B2

Moody’s Investors Service said it downgraded La Financiere Atalian SAS’s corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD.

The agency also assigned a B2 instrument rating to Atalian's new €610 million equivalent senior unsecured notes due 2025 and affirmed the B2 instrument rating on the existing €625 million senior unsecured notes due 2024.

The outlook is stable.

"The downgrade of the corporate family rating to B2 mainly reflects the significant increase in Atalian's adjusted pro forma gross leverage to 6.7x as of Dec. 31, 2017 following the debt-funded acquisition of Servest from 4.9x prior to the transaction,” Sebastien Cieniewski, Moody's lead analyst for Atalian, said in a news release.

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