Moody’s rates Superannuation loans Ba2

Moody’s Investors Service said it assigned Ba2 ratings to Superannuation and Investments Finco Pty Ltd. and its planned A$1.5 billion equivalent first-lien senior secured term loan and Ba2 local-currency rating A$150 million first-lien senior secured delayed-draw term loan.

“Sifpl's Ba2 rating reflects its solid revenue scale, good market position and the strong resilience of the group's funds under administration. The group's profitability is strong in terms of its pre-tax income margin. The rating also considers the expected very high levels of financial leverage that will constrain Sifpl's ratings post the completion of its proposed debt raising,” the agency said in a press release.

The debt raising follows the planned sale of 55% of the Colonial First State group of companies, including Sifpl, from the Commonwealth Bank of Australia to KKR.

The outlook is stable.

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