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Moody's rates Armonea loans B2
Moody's Investors Service said it assigned a corporate family rating of B2 and probability of default rating of B2-PD to Armonea Group NV.
The agency said it assigned a B2 rating to the €250 million worth of senior secured term loan B due 2025 and to the €45 million worth of senior secured revolving credit facility to be borrowed by Armonea.
The outlook is stable.
The proceeds will be used to refinance all outstanding financial debt of the company and repay about €35 million of the existing shareholder loan, Moody's said.
The ratings are supported by the company's strong market position as the second largest player in the fragmented Belgian nursing market, along with the solid track record of greenfield and external growth in 2015 through 2017, the agency said.
The ratings are constrained by the small absolute scale of Armonea in total revenue compared with other rated health care companies, Moody's said, as well as its high, albeit gradually decreasing, concentration in the nursing homes sector in Belgium.
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