Moody’s rates National Express notes Ba1

Moody’s Investors Service said it gave a Ba1 rating to the proposed perpetual subordinated non-call fixed-rate reset notes, the junior subordinated hybrid notes, to be issued by National Express Group PLC.

The Ba1 rating is two notches below National Express’ senior unsecured rating of Baa2, reflecting the features of the hybrid notes, which are perpetual and deeply subordinated. National Express can opt to defer coupons on a cumulative basis, Moody’s said.

Proceeds are expected to be used to enhance liquidity.

The outlook is negative.

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