Moody's assigns Aggreko B1

Moody's Investors Service said it assigned a B1 corporate family rating to Albion HoldCo Ltd. (Aggreko) along with a B1-PD probability of default rating. The agency further gave B1 ratings to the planned £300 million revolving credit facility due 2026 issued by Albion Midco Ltd. and the £1 billion equivalent term loan B due 2026 issued by Albion Financing 3 Sarl. The agency also assigned B1 ratings to the planned £700 million equivalent senior secured notes due 2026 issued by Albion Financing 1 Sarl. In addition , Moody's assigned B3 rating to the planned £350 million senior notes due 2027 issued by Albion Financing 2 Sarl.

“The B1 CFR reflects Aggreko's leadership position in mobile modular power and temperature control and energy services, a market where the company has established a strong market share and with good growth prospects. The company benefits from a large fleet of power generators which are often used in remote locations where there are no alternatives to procure energy,” Moody’s said in a press release.

However, the rating is constrained by gross pro forma Moody's adjusted leverage estimated at 4.6x in 2021 retreating slightly to 4.4x in 2022 which is higher than several similarly rated peers, the agency noted.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.