Moody’s rates Cabot Financial

Moody's Investors Service said it assigned a provisional B1 rating to the proposed €310 million floating-rate senior secured bond to be issued by Cabot Financial (Luxembourg) II SA, a subsidiary of Cabot Financial Ltd.

The agency also said it previously rated the €310 million senior secured notes issued by the same entity.

The action follows news that Cabot expects to issue €310 million senior secured bonds to refinance its €310 million senior secured notes due in 2021, Moody’s said.

The rating on Cabot's proposed issuance of senior secured bonds reflects the company’s B1 corporate family rating and an expectation that creditors will benefit from Encore's ownership of Cabot, Moody’s said.

This, combined with expected de-leveraging, could lead to a change in the long-term liability structure that reduces the expected loss given default, the agency said.

© 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.