Moody's assigns Caa2 to Index Topco

Moody's Ratings said it assigned a Caa2 long-term corporate family rating and a Caa2-PD probability of default rating to Index Topco SCA, the new holding entity and ultimate parent of Wittur International Holding GmbH. Moody's also gave a Caa1 rating to Wittur's amended €411 million backed senior secured first-lien term loan B at Wittur Holding GmbH and a Caa3 rating to the €288 million hived-up senior secured first-lien term loan B at Index Holdco Sarl. The outlook on Wittur and Index Holdco is stable.

Concurrently, the agency said it withdrew the Caa3 CFR at Wittur International Holding as well as the instrument ratings on Wittur Holding's backed senior secured first-lien term loan B and backed senior secured first-lien revolving credit facility both rated Caa2 and the backed senior secured second lien term loan rated C. The outlook of Wittur Holding changed to stable from negative.

This rating action follows Wittur’s debt restructuring last month, Moody’s said.

“The restructuring resolves the current missed interest payment default announced in March 2023. However, it also constitutes a distressed exchange, a further default under Moody's Ratings definitions. Hence, the Ca-PD PDR at Wittur International Holding GmbH will remain appended with an /LD indicator for three additional business days after which the PDR and negative outlook on this entity will also be withdrawn,” the agency said in a press release.

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