Moody’s assigns Rubis Terminal Ba3, notes B1

Moody’s Investors Service said it assigned a Ba3 corporate family rating and Ba3-PD probability of default rating to Rubis Terminal SA and a B1 instrument rating to the company’s €410 million senior secured notes maturing in 2025.

“The rating of the €410 million senior secured notes at B1 one notch below the CFR of Ba3 is primarily driven by the relatively sizable amount of debt ranking ahead of the notes contractually and/or structurally and hence likely to receive an above-average recovery in a default scenario,” Moody’s said in a press release.

Proceeds will be used to refinance the €410 million bridge loan in relation with the separation of Rubis from its parent company Rubis SCA.

Moody’s attributed the Ba3 rating to the company’s established position in Europe and good revenue visibility.

The outlook is stable.

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