Moody’s: Grupo Antolin notes Ba3, view positive

Moody's Investors Service said it affirmed the Ba3 corporate family rating and the Ba3-PD probability of default rating of Grupo Antolin-Irausa, SA.

Concurrently, the agency assigned a Ba3 rating to the €400 million of senior secured notes due 2024 to be issued by Grupo Antolin and affirmed the instrument rating of the existing €400 million senior secured notes due 2022 issued by Grupo Antolin Dutch BV.

Moody’s will likely withdraw the Ba3 rating for the existing €400 million of senior secured notes due 2021 issued by Grupo Antolin Dutch once Grupo Antolin has repaid them using the proceeds from this transaction.

The outlook was changed to positive from stable.

"The positive outlook reflects Grupo Antolin's strong financial performance in 2016 and the successful integration of Magna's interiors business which we expect to continue in 2017," Scott Phillips, Moody's vice president, senior analyst and lead analyst for Grupo Antolin, said in a news release.

"The re-financing is also supportive because it reduces the group's interest costs and extends its debt maturity profile."

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