Fitch ups, withdraws Decomeubles

Fitch Ratings said it upgraded Decomeubles Partners SAS' issuer default rating to B from B- and removed it from Rating Watch Positive (RWP).

The outlook is stable.

The issuer default rating, together with the instrument ratings (B+/recovery rating RR2) on BUT SAS' €246 million senior secured notes, was withdrawn.

At the same time, the agency assigned Mobilux 2 SAS a final issuer default rating of B with stable outlook, and Mobilux Finance SAS' €380 million senior secured notes a final rating of B+ with RR3 (52%).

Fitch said the actions follow the last stage of BUT's acquisition process by Clayton, Dubilier & Rice and WM Holding GmbH, i.e. the redemption of the €246 million bonds issued under BUT's previous capital structure from the proceeds from the new €380 million senior secured notes issued by Mobilux Finance SAS. As part of the acquisition, former BUT's parent Decomeubles has been absorbed in the new group, with BUT's new holding company being Mobilux 2 SAS.

The senior secured bond rating reflects Fitch’s view of above-average recovery expectations in the event of default.

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