Moody's rates Empark notes B2

Moody's Investors Service said it assigned a definitive B2 rating and loss given default assessment of LGD4 to the €385 million of senior secured notes due 2019 issued by Empark Funding SA, a financing conduit of Empark Aparcamientos y Servicios SA.

Empark's B2 corporate family rating and B1-PD probability of default rating remain unchanged.

The outlook is stable.

The senior secured notes will be guaranteed on a senior secured basis by a number of subsidiaries that account for around 80% of group consolidated adjusted EBITDA and 96% of assets. The super senior revolving credit facility will be guaranteed by the same subsidiaries and share the same collateral package but will rank ahead in an enforcement scenario.

Moody's said the senior secured notes are rated B2, as the same level as the corporate family rating, due to the relatively small super senior revolving credit facility ranking ahead.

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