Moody’s rates Sisal Pay notes B2

Moody’s Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Sisal Pay SpA, which will be formed through the combination of the payments business of Sisal Group SpA (B1 stable) and the payments business of Banca 5 SpA, a subsidiary of Intesa Sanpaolo SpA (Baa1 stable).

Concurrently, Moody's assigned a B2 rating to the new €530 million senior secured floating-rate notes due 2026 to be issued by Sisal Pay.

The outlook is stable.

Net proceeds from the new notes, together with common equity and shareholder loans, will be used to fund the creation of the business.

The B2 rating reflects the high Moody's-adjusted debt/EBITDA of 6.6x at closing of the transaction decreasing to 5.8x-6.0x over the next 12 months, the agency said.

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