Moody's rates Officine Maccaferri notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B1-PD probability of default rating to Officine Maccaferri SpA and a provisional B2 rating to its proposed €200 million of senior notes due 2021. The outlook is stable.

Proceeds will be used to repay existing long- and short-term debt and to upstream a €16 million dividend to the parent company.

The B2 corporate family rating reflects the company's small size compared to similarly rated companies and its customer base and what Moody's perceive as low barriers to entry in some of the largest cash-contributing activities of the company, the agency said.

However, the rating benefits from Officine Maccaferri's market leadership position in its niche products, a solid track record, a very well geographically diversified revenue base and its prudent financial policy and strong engineering expertise, Moody's said.

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