Moody’s applies B3 to SoLocal notes

Moody's Investors Service said it assigned a B3 rating to the €398 million senior secured notes due 2022, issued by SoLocal Group SA.

The outlook is positive.

The assignment follows the completion of the review of SoLocal's March 2017 financial restructuring and the consequent May 16 upgrade of the corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.

Moody’s said the B3 rating assigned to the €398 million senior secured notes due 2022 is in line with the corporate family rating. This reflects the use of a 50% family recovery rate and the fact that the notes represent the single tranche of financial debt in the capital structure.

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