Moody’s assigns B2 to Feather Investments

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Feather Investments Holdings SCA, parent and holding company of Corialis Group Ltd.

The agency also assigned definitive B1 ratings to the €505 million first-lien senior secured term loan due 2024, the €125 million revolving credit facility due 2023, definitive Caa1 rating to the €130 million second-lien senior secured term loan due 2025. These debt instruments have all been issued by Corialis.

The outlook is stable.

Concurrently, Moody's withdrew the B1 corporate family rating and B1-PD probability of default rating on Alu Holco 1 Ltd. (both under review for downgrade), former parent of Corialis, concluding the review of the ratings. It also withdrew the Ba3 ratings of the €353 million first-lien senior secured term loans due 2020 and 2021, the €25 million revolving credit facility due 2020 and the €105 million second-lien senior secured term loan due 2020, issued by Alu Holdco 2 Ltd.

The action was prompted by the March 30 completion of the acquisition of Corialis by CVC Capital Partners via Feather Investments, a recently incorporated company.

Moody’s said the rating reflects Corialis': (a) Strong market position as one of the leading aluminium profile system manufacturers in Europe, with geographically diversified operations; (b) exposure to the more stable affluent end-customer and renovation markets; (c) very strong recent financial performance supported by the EBITDA growth in U.K. and Polish hubs; (d) high barriers to entry from vertically integrated production and loyal customer base; and (e) future sales performance supported by expected aluminium penetration growth.

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