Moody's rates Cidron Ollopa B2, loans B1

Moody's Investors Service said it assigned a B2 corporate family rating to Cidron Ollopa Holding BV (Sunrise).

The agency concurrently assigned a B2-PD probability of default rating and B1 rating to the company’s senior secured first-lien facilities, comprising of a €445 million seven-year term loan B and €70 million 6.5-year revolving credit facility.

The outlook is stable.

The company's leverage, as measured by its adjusted debt-to-EBITDA ratio, is high at 7.3x, Moody's said.

The agency also said it expects a considerable de-leveraging with leverage falling to less than 6.5x within the next 18 months.

The ratings also consider the company's strong market positions in its key product segments and currently benign regulatory environment, Moody's added.

The ratings are constrained by the company's relative size when compared to Moody's broader rated universe, together with its strong dependency on the niche mobility market, the agency said.

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