Moody’s gives CBR, notes B2, revolver Ba2

Moody's Investors Service said it assigned a provisional B2 corporate family rating to CBR Fashion Holding GmbH.

The agency also assigned a provisional B2 rating to the proposed €450 million senior secured notes to be issued by CBR Fashion Finance BV and guaranteed by CBR and some of its subsidiaries, and a provisional Ba2 to the €30 million super senior revolving credit facility.

The outlook is stable.

"CBR's (P)B2 CFR reflects its modest size and its leveraged capital structure,” Ernesto Bisagno, Moody's vice president, senior credit officer and lead analyst for CBR, said in a news release.

"However, the rating also factors in the company's positive free cash flow generation mitigating the exposure to the competitive clothing market in Europe and a degree of fashion risk."

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