Moody's assigns Almaviva, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Almaviva Developpement. The outlook is stable.

Concurrently, Moody's assigned a B2 rating to the company’s €290 million senior secured term loan B due 2028 and to the €80 million senior secured revolving credit facility due 2027.

“Moody's expects that Almaviva will gradually deleverage in the next 12-18 months bringing Moody's adjusted leverage below 5x by 2022. Almaviva's EBITDA growth will be driven by topline growth and by the ongoing integration and ramp-up of facilities acquired to date. Almaviva's high-quality facilities and agile recruitment approach of practitioners is another driver of volume growth, which, in turn, drive revenue growth. Moody's also expects Almaviva to offset ongoing inflationary pressure on costs through cost efficiencies,” the agency said in a press release.

The B2 ratings assigned to the term loan and revolver reflect their pari passu ranking in the capital structure and the upstream guarantees from the group's material subsidiaries representing 80% of EBITDA, the agency said.

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