Moody's gives Aldesa notes B2

Moody's Investors Service said it assigned a B2 corporate family rating to Grupo Aldesa SA and a B2-PD probability of default rating.

In addition, the agency assigned a provisional B2 rating with a loss given default assessment of LGD 4 -51% to the proposed €250 million senior secured notes due 2021 to be issued by a 100%-owned finance vehicle, Aldesa Financial Services SA and guaranteed by the ultimate parent Grupo Aldesa.

The outlook is stable.

The proceeds from the issuance will be on-lent via a proceeds loan to an intermediary holding company Aldesa Agrupacion Empresarial SA. The debt is being used to refinance existing bank debt.

The notes will be the issuer's senior obligations and will be guaranteed on a senior secured basis by Grupo Aldesa, as well as guarantors located in Spain, Mexico and Poland. The guarantors will represent at least 80% of the restricted group's consolidated assets and EBITDA (79% of assets in 2013, 113% of EBITDA in 2013).

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