Moody’s lifts Maisons du Monde

Moody’s Investors Service said it upgraded Magnolia (BC) Midco Sarl’s (Maisons du Monde) corporate family rating to B1 from B2 and probability of default rating to Ba3-PD from B1-PD.

Moody’s also said it upgraded the €325 million senior secured notes due 2020 issued by Magnolia (BC) SA, a subsidiary of Maisons du Monde, to B1 from B2.

The outlook is stable.

The ratings reflect Maisons du Monde’s significant de-leveraging in fiscal year 2015 thanks to its strong operating performance and good growth prospects for the business, the agency said.

The ratings are constrained by the company’s relatively small scale with revenue concentration in France, high seasonality of sales and profits and the operating risks induced by the positioning of Maisons du Monde’s stylish product range, Moody’s said.

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