Moody's revises Roadster view to stable

Moody's Investors Service said it revised its outlook to stable from negative on Roadster Finance DAC. Concurrently, Moody's revised the outlook to stable from negative on Deutsche Raststaetten Gruppe IV GmbH (Autobahn Tank & Rast) and affirmed its Baa3 senior secured revolving bank credit facility rating. Moody's also affirmed Roadster Finance's Baa3 senior secured note and senior secured bank credit facility ratings.

The rating affirmation and outlook revision to stable reflect the Autobahn Tank & Rast’s resilience to the negative effects of the coronavirus and related travel restrictions in Europe in 2020, such that its financial profile is likely to remain in line with that required for the current rating over the next several years, Moody’s said.

Specifically, Moody's said it projects funds from operations (FFO)/debt in the low double-digits in percentage terms and maintain an annuity debt service coverage ratio (DSCR) of around 1.9x.

“The affirmation and stable outlook is further supported by prudent measures taken by management during the year to preserve liquidity,” the agency said in a press release.

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