Moody’s rates Akita B3, facilities B2

Moody’s Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Akita Midco Sarl.

The agency also assigned B2 ratings to the first-lien term loan B due 2025 and the €100 million revolving credit facility due 2024 raised by Akita Bidco Sarl.

The outlook is stable.

Moody’s withdrew the ratings of Azelis Holding SA, including its B3 corporate family rating and B3-PD PDR.

The action follows EQT VIII fund along with the Public Sector Pension Investment Board as co-investor signing an agreement to acquire Azelis Holding and its subsidiaries from funds advised by Apax Partners.

The new private equity sponsors are in the process of arranging new first- and second-lien facilities of €765 million and €230 million, respectively, with a view to refinancing Azelis' existing facilities at closing.

Akita will be the top entity of the restricted group for the new first- and second-lien facilities.

Moody’s said the corporate family rating reflects the high leverage that the agency expects Akita to exhibit following EQT's acquisition of Azelis.

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