Moody's rates Tereos Finance notes Ba3

Moody's Investors Service said it assigned a definitive Ba3 rating with a loss given default assessment of 4 (LGD 4) to the €500 million of senior unsecured notes due 2020 issued by Tereos Finance Groupe 1, a fully owned and guaranteed subsidiary of Tereos UCA, which is the holding company for Tereos.

Tereos's Ba2 corporate family rating and Ba2-PD probability of default rating are unchanged, along with the Ba3 rating on Tereos Europe's existing €500 million of senior unsecured notes due April 2014.

The outlook is stable.

The ratings assigned to the senior unsecured notes are in line with the provisional rating assigned Feb. 26 and follows a review of the final key terms of the €500 million of notes due 2020, Moody's said.

As a result, the notes due 2020 rank pari passu with the €500 million of senior unsecured notes due April 2014, which only will be amortized at maturity, the agency said.

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