Moody's gives Borets notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Borets International Ltd.

Moody's also assigned a provisional B1 rating with a loss given default assessment of LGD4/50% to the proposed debut notes to be issued by Borets Finance Ltd., a wholly owned subsidiary of Borets incorporated as a limited liability company under the laws of Ireland.

The notes will be guaranteed by Borets' key operating subsidiaries.

The outlook is stable.

"The assigned B1 CFR balances risks related to Borets' fairly small size, high product and geographical concentration, changes in the company's shareholding structure and the step-up in its leverage with the company's historically strong operational and financial performance and leading position globally in the niche ESP market, which has proven to be stable with strong growth potential," Ekaterina Lipatova, a Moody's analyst and lead analyst for Borets, said in a news release.

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