Fitch rates Financiere Top Mendel loans B+

Fitch Ratings said it assigned a first-time expected issuer default rating of B to Financiere Top Mendel SAS with a stable outlook.

The company is the top entity in the restricted group, which indirectly owns Ceva Sante Animale SA.

Fitch also said it assigned an expected instrument rating of B+ with recovery rating of RR3 to the seven-year senior secured term loan B of €2 billion to be borrowed by Financiere Mendel, which directly owns Ceva and is a wholly owned subsidiary of Financiere Top Mendel.

Fitch also said it assigned an expected instrument rating of B+ with recovery rating of RR3 to the revolving credit facility of €100 million and capital expenditure/acquisition facility of €50 million, which could be utilized by other operating entities in the restricted group.

The ratings reflect Ceva's robust business profile with a diversified portfolio of pharmaceutical and biological animal therapeutic solutions, supported by product innovations and global market presence, the agency said.

The ratings are constrained by the excessively leveraged profile, Fitch said.

The stable outlook is supported by expectations of steadily growing sales, operating profits and cash flows, the agency said.

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