Moody’s lifts Selecta to B3

Moody's Investors Service said it upgraded Selecta Group BV’s corporate family rating to B3 from Caa1, concluding the review initiated on Jan. 15.

Moody’s said the upgrade reflects: (a) The refinancing of Selecta's capital structure in February; (b) deleveraging following the refinancing of the company's Intercompany PIK Proceeds Loan, which was classified as debt, with new instruments meeting Moody's criteria for equity treatment; (c) improved liquidity and extended maturity of the company's financing; (d) the closing of the acquisition of Gruppo Argenta SpA; and (e) a review of final documentation in relation to the refinancing.

Concurrently, the agency upgraded Selecta's probability of default rating to B3-PD from Caa1-PD.

Moody’s also also assigned definitive ratings of B3 to the company's €765 million senior secured notes, €325 million senior secured floating-rate notes and CHF 250 million senior secured notes, all due 2024, and a definitive rating of B1 to its €150 million super senior secured revolving credit facility due 2023.

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