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Moody's lowers La Financiere Atalian
Moody's Investors Service said it downgraded the instrument rating on the €625 million senior notes due 2024 to B3 from B2, along with the €350 million senior notes due 2025 and the £225 million senior notes due 2025, all issued by La Financiere Atalian SAS.
Moody's also said it affirmed the company's B2 corporate family rating and B2-PD probability of default rating.
Moody's also said it changed the outlook on all of the ratings to negative from stable.
The actions follow news of Atalian's results for the first nine months ending Sept. 30, during which the company stated that it increased the size of the senior secured revolving credit facility to €98 million from €75 million to support the group's liquidity, the agency said.
The outlook revision mainly reflects the significant increase in Atalian's adjusted gross leverage to higher than 7.5x as of Sept. 30, Moody's said.
The agency said the company is expected to de-leverage from that elevated level, but its adjusted debt-to-EBITDA ratio will remain higher than the trigger set for a downgrade.
The downgrades also reflect the weakening of the credit profile of the group over the last nine months, Moody's said.
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