Moody’s rates Hornbach notes Ba2

Moody’s Investors Service said it assigned a Ba2 rating to the proposed senior notes to be issued by Hornbach Baumarkt AG.

The proposed notes will be fully and unconditionally guaranteed by Hornbach International GmbH.

The proceeds will be used to refinance the existing €250 million senior notes due February 2020 and for general corporate purposes.

The proposed notes will rank equal to Hornbach's existing senior unsecured notes, the agency said.

The company's Ba3 corporate family rating and Ba3-PD probability of default rating are unchanged. The Ba2 rating on Hornbach's existing notes due 2020 is also unchanged.

The outlook is negative.

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