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Moody’s rates Autodis B2
Moody’s Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Autodis Group SAS.
The agency withdrew the B2 corporate family rating and B2-PD probability of default rating at Dakar Finance SA.
The B2 ratings on the senior secured notes due 2022 issued by Autodis SA are not affected.
The outlook is stable.
The agency said the action reflects the change in Autodis' restricted group following redemption of the pay-if-you-can notes due 2020 issued by Dakar Finance.
Moody’s said the corporate family rating balances the high pro forma Moody's-adjusted debt/EBITDA of 7 times as of March with an expectation that modest organic growth, procurement synergies and EBITDA-accretive acquisitions funded with excess cash will support deleveraging towards 6 times in the next 12 to 18 months.
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