Moody's rates Stonegate notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Stonegate Pub Co. Ltd., the largest privately held managed pub company in the UK.

Concurrently, the agency assigned provisional B2 senior secured ratings and loss given default assessment of LGD3 to the £240 million senior secured fixed-rate notes due 2019 and £160 million senior secured fixed-rate notes due 2019 to Stonegate Pub Co. Financing plc, both currently being marketed.

The outlook is stable.

Moody's said the provisional B2 rating on both senior secured notes is in line with the B2 corporate family rating, given that both notes rank pari passu amongst each other and also with the revolving credit facility, the only other piece of debt in the capital structure.

All debt instruments are secured pari passu with respect to Stonegate's freehold and certain leasehold assets, which provides additional support for bondholders.

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