Moody's rates Exova notes B3

Moody's Investors Service said it assigned a definitive B3 (LGD 5, 74%) rating to the £155 million senior notes due 2018 issued by Exova plc, a wholly owned subsidiary by Exova Holdings Ltd.

The final terms and conditions were in line with the draft offering, the agency said.

Moody's noted that the B3 rating is one notch below the B2 corporate family rating of Exova Holdings due to the effective subordination of the senior unsecured notes to the group's senior secured credit facilities.

The notes have been issued at the holding company level but benefit from guarantees provided by major operating companies, the agency said.

The ratings reflect Exova's strong position as a market-leading provider of laboratory-based testing services covering a number of geographic markets, industries and testing services, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.