Moody’s rates AutoStore loan B1

Moody’s Investors Service said it assigned a B1 rating to a proposed €440 million equivalent first-lien senior secured term loans and the €70 million revolver to be issued to Automate Intermediate Holdings II Sarl, or AutoStore.

The agency also assigned a first-time corporate family rating of B2 and a B2-PD probability of default rating.

Moody’s attributed AutoStore’s B2 rating to a leading position in a rapidly growing segment of the warehousing market, and its strong partner relationships; geographic diversity, the scalability of the business backed by proven ability to grow quickly at low cost, and a large equity cushion.

The outlook is stable.

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