Moody’s reviews Alain Afflelou

Moody's Investors Service said it placed all ratings of Lion/Seneca France 2 SAS (Alain Afflelou) under review for upgrade, including the B3 corporate family rating and B3-PD probability of default rating.

Concurrently, the agency also placed the Caa2 rating on the €75 million worth of senior unsecured notes due 2019 issued by Lion/Seneca France 2 and the B2 rating on the €365 million worth of senior secured notes due 2019 issued by 3AB Optique Developpement under review for upgrade.

"The decision to place the ratings on review for upgrade follows Afflelou's plans to use proceeds from a potential initial public offering to reduce its outstanding debtm" Guillaume Leglise, Moody's analyst and lead analyst for Alain Afflelou, said in a news release.

"Under the proposed terms, a successful IPO will significantly de-leverage the capital structure as well as materially improve the company's interest coverage."

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