Moody's: Novasaur outlook developing

Moody's Investors Service said it changed the outlook on the Ba2 corporate family rating of Novasaur SAS, the holding company for Saur SAS, to developing from positive due to the announcement by Novasaur's ultimate shareholder, PAI partners, that it is reviewing its strategic options as regards its ownership of the group. The outlook change also applied to the B1 €265 million senior subordinated notes issued by FG4 SA, a finance subsidiary of Novasaur.

The agency said the change in outlook reflects the potential change in ownership that could result from the strategic review initiated by PAI partners, which could potentially lead to the partial or full disposal of Saur. Moody's noted that such potential disposal could be either detrimental or beneficial to current creditors, depending upon the credit quality of the potential new owner and its financial policy.

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