Moody’s rates Dufry One notes Ba2

Moody's Investors Service said it assigned a Ba2 instrument rating with a loss given default assessment of 4 (LGD 4) to Dufry One BV's €500 million senior unsecured notes.

The bond is unconditionally and irrevocably guaranteed by the parent Dufry AG.

Moody’s said the Ba2 corporate family rating reflects Dufry's: (a) Leading market position with more than 20% market share of the airport travel retail spending according to the company (b) strong geographical footprint; (c) track record and know-how in operating a travel retail business; and (d) expectation of long term positive organic sales growth in line with growth of passenger air traffic.

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