Moody's: Hyperion unchanged on add-on

Moody's Investors Service said Hyperion Refinance Sarl's B2 guaranteed senior secured term loan rating is unchanged as the company is raising an additional $130 million as part of the same U.S. dollar facility.

This follows the $115 million previous debt add-on in November 2018, Moody's said.

The B2 rating on the group's guaranteed term loan facility is in line with the corporate family rating of Hyperion Insurance Group Ltd., reflecting the largely senior secured debt structure with limited levels of deferred consideration ranking behind the senior debt.

The ratings reflect the company's strong market presence in its chosen niche segments, strong diversification across geographic regions and business lines, very good EBITDA margins and a track record of robust organic growth, the agency said.

These strengths are tempered by the group's weak bottom line profitability, inherent risk associated with the Hyperion's active acquisition strategy, significant financial leverage and rising outstanding financial debt obligations, Moody's said.

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