Moody’s rates Roadster Finance debt Baa3

Moody's Investors Service said it assigned Baa3 ratings to the existing senior secured debt and credit facilities of Roadster Finance DAC.

In addition, the agency assigned a Baa3 rating to Roadster’s proposed senior secured bond issuance.

Moody’s also assigned a Baa3 rating to a €250 million senior secured revolving credit facility of intermediate holding company Deutsche Raststaetten Gruppe IV GmbH.

The outlook is stable.

Roadster is an Irish-based orphan financial vehicle, which was established for the purpose of issuing debt for Autobahn Tank & Rast Gruppe GmbH & Co. KG and its subsidiaries. Autobahn Tank is a holding company of the leading concessionaire in Germany for a network of fuel stations and service stations on Germany's motorway network.

Proceeds from the €600 million proposed bond issuance will be used to refinance a portion of the €913 million senior secured term loan. Roadster on-lends the proceeds from the debt issuance to certain borrowers within the restricted group.

Moody’s said the Baa3 ratings benefit from Autobahn Tank’s established competitive position as the leading concessionaire in the German motorway service areas segment providing fuel, retail, gastronomy and sanitary services along the motorway network.

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