Moody’s ups Cirsa, rates notes B2

Moody’s Investors Service said it raised the ratings on Cirsa Finance International Sarl’s senior secured notes to B2 from B3 and assigned a B2 rating to its planned €650 million of backed senior secured notes due 2028. The agency concurrently raised Cirsa Enterprises SLU’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD and revised the outlook to stable from positive.

“The upgrade to B2 from B3 reflects the company's strong operating performance and improved credit metrics, as well as the reduced refinancing risk following the proposed €650 million notes issuance,” Moody’s said in a press release.

However, the agency noted the company still needs to address the refinancing of its €390 million of guaranteed senior secured notes maturing in May 2025

Cirsa will use the proceeds to repay the €490 million of guaranteed senior secured notes maturing in September 2025 and the €160 million of outstanding guaranteed senior secured notes due in December.

The stable outlook reflects the position that Cirsa will handle the refinancing at least 12 months ahead of the due date, Moody’s said.

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