Moody’s rates Pronovias B2, facilities B1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to CatLuxe Acquisition Sarl (Pronovias).

Concurrently, the agency assigned a provisional B1 instrument rating to the €260 million senior secured credit facilities comprising a €45 million revolving credit facility due in 2023 and €215 million term loan B due in 2024.

Proceeds will be used to finance the acquisition of Pronovias by BC Partners.

The outlook is stable.

Moody’s said the B2 corporate family rating reflects the company's: (a) Established market position; (b) good brand awareness both domestically and internationally; and (c) strong profitability and cash flow generation underpinned by an asset-light business model.

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