Moody's rates Odyssee, Editis

Moody's Investors Service said it assigned a prospective B1 senior implied rating to Odyssee 1 SAS.

Moody's also assigned a prospective B1 rating to Editis Holding SA's €401 million senior secured credit facilities, prospective B3 to Odyssee Financing SA's proposed issuance of €150 million in senior notes due 2014 and prospective Caa1 to Odyssee 1's senior unsecured issuer rating. The outlook is stable.

Moody's said the ratings reflect the company's substantial post-transaction leverage (6.3x net debt/adjusted EBITDA) on a June 30 last 12 months pro forma basis along with Editis' very limited track record as a stand-alone entity, the challenges to offset the expected loss of two important distribution contracts at the end of 2005 and 2006 and the likelihood that the company could consider larger acquisitions in the fragmented French publishing market in the medium-term.

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