Moody’s rates LSF9 Canto CFR, notes B2

Moody's Investors Service said it assigned a provisional B2 corporate family rating to LSF9 Canto Investments SpA, a holding company fully owning N&W Global Vending SpA.

Concurrently, the agency assigned a provisional B2 instrument rating to the €300 million first-lien senior secured notes raised by LSF9 Canto with upstream guarantees from certain operating subsidiaries.

The outlook is stable.

The provisional B2 corporate family rating is contingent upon the successful issuance of the proposed debt package of in total €400 million notes (only €300 million rated) as well as a visibility of a successful completion of the post-completion merger by Dec. 22.

"The (P)B2 CFR balances the company's strong operating profile evidenced by its very high profitability and its ability to generate good cash flows with high leverage and small operations in a fairly mature market," Martin Fujerik, Moody’s lead analyst on N&W, said in a news release.

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