Moody's gives Goldstory, notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Goldstory SAS. Moody's also gave a B2 rating to Goldstroy’s €600 million of guaranteed senior secured notes consisting of a fixed-rate and a floating-rate tranche. Goldstory is the parent of THOM Europe SAS. The outlook is stable.

Goldstory will use the proceeds to finance private equity fund Altamir’s plan to increase its ownership to 56% from 25%

“The B2 rating factors in the resilience of THOM’s earnings and cash flow, which despite the coronavirus epidemic were better than Moody's expected in 2020, and its moderately leveraged capital structure after the refinancing,” said Vincent Gusdorf, a Moody’s vice president, senior credit officer and lead analyst for THOM, in a press release.

“Despite the November lockdown in France, THOM's reported EBITDA remained stable during the October-December 2020 period, a quarter during which the company generates the majority of its earnings, and this, therefore, provides greater financial flexibility for fiscal year 2021,” Gusdorf said.

Concurrently, Moody's withdrew the B3 CFR and the B3-PD probability of default rating of subsidiary THOM Group. The rating of THOM’s senior secured bank credit facility has been upgraded to B2 from B3.

Moody’s changed THOM’s outlook to stable from negative.

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