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Moody's rates Winoa notes B2
Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to WHA Holdings SAS, a provisional B2 (LGD4, 50%) rating to its proposed €260 million senior secured notes and a provisional Ba2 (LGD1, 0%) rating to its proposed €20 million super senior revolving credit facility. WHA Holdings, together with its subsidiaries, is collectively referred to as the Winoa Group. The outlook is stable.
The agency said the B2 corporate family rating balances Winoa Group's relatively high and resilient profitability in the past with a narrow product focus on a relatively larger recovering (industrial steel abrasives) and relatively smaller contracting (granite cutting) market segment, dependency on cyclical end markets and relatively high initial financial leverage.
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