Moody’s applies Ba2 to Elis program

Moody's Investors Service said it assigned a provisional Ba2 rating to Elis SA's €3 billion Euro medium-term note program.

The outlook is stable.

The agency expects that any near-term proceeds from drawdowns under the EMTN program: (a) Will be used to refinance outstanding amounts under the company's €1.92 billion bridge term facility raised as part of the acquisition of Berendsen plc; (b) may be used to redeem existing debt; and (c) may be used for general corporate purpose of the group.

"The (P)Ba2 unsecured rating assigned to the EMTN program is at the same level as the instrument rating on Elis' €800 million senior unsecured notes due 2022 (the high yield bonds) due to their pari passu ranking alongside Elis' other facilities including those raised prior to the acquisition of Berendsen," Sebastien Cieniewski, Moody's lead analyst for Elis, said in a news release.

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