Moody’s rates Obol France facilities B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Obol France 2 SAS, a holding company owner of French funeral services company OGF.

At the same time, the agency assigned B2 (LGD 4) ratings to the proposed €960 million senior secured term loan B and €60 million senior secured revolving credit facility of Obol France 3 SAS.

The outlook is positive.

"We assigned a B2 CFR to Obol France 2 SAS to reflect OGF's narrow business profile as a funeral service operator in France as well as its highly leveraged capital structure," Guillaume Leglise, Moody's analyst and lead analyst for OGF, said in a news release.

"Nevertheless, the rating and outlook also factor in OGF's defensive business profile, solid track record of profitability growth and our expectations of some deleveraging supported by a positive free cash flow generation."

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