Moody’s rates Cortefiel, notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Masaria Investments SAU (Cortefiel), which will be the holding company of international apparel retailer Cortefiel following the transaction.

Concurrently, the agency assigned a B2 instrument rating to the €600 million senior secured floating- and fixed-rate notes.

The outlook is stable.

Proceeds, along with €400 million equity injection from private equity owners, CVC and PAI, will be used to refinance existing debt.

Moody’s said the B2 corporate family rating reflects Cortefiel's: (a) Strong brand awareness and its established and differentiated market position; (b) high profitability underpinned by a strong supply chain and a successful multi-channel distribution model; (c) and strong free cash flow generation with good deleveraging prospects.

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