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Moody's: Viridian bonds B2
Moody's Investors Service said it assigned a B1 corporate family rating and B1 probability of default rating to a restricted group of companies owned by Viridian Group Investments Ltd.
The agency also said it assigned a B2 (LGD 4) rating to the £418.6 million senior secured bonds - denominated in euros and dollars - issued by Viridian Group FundCo II, a member of the restricted group of companies.
The notes will effectively be subordinated to a £225 million secured revolving credit and letter of credit facility and a maximum £70 million of commodity hedging liabilities and an uncapped amount of interest rate and foreign-exchange hedging, which have priority of claim over the shared collateral, the agency said.
The outlook on the ratings is stable.
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