Moody’s rates Onorato Armatori Ba3, notes Ba2

Moody's Investors Service said it assigned a provisional Ba3 corporate family rating to Italian maritime transportation services company Onorato Armatori SpA, a holding company owning 100% of Moby SpA and Tirrenia-CIN.

Concurrently, the agency assigned a provisional Ba2 rating with a loss given default assessment of LGD3 to the issuer's proposed €300 million worth of senior secured notes due 2023.

The outlook is stable.

"The (P)Ba3 CFR reflects the issuer's well established market positioning in the Mediterranean ferry and cargo markets, coupled with its good revenue visibility and positive free cash flow generation," Guillaume Leglise, Moody's lead analyst for Onorato Armatori, said in a news release.

"Nevertheless, the rating also factors in the company's high reliance on the Italian economy as well as its inherent business seasonality and exposure to fuel price volatility, the latter risk being mitigated by the company's hedging policy."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.