Moody's gives Rexel bonds Ba3

Moody's Investors Service said it assigned a Ba3 rating to the new €300 million sustainability-linked bonds due 2028 and issued by Rexel SA.

The Ba2 corporate family rating, the Ba2-PD probability of default rating and the Ba3 ratings on the senior unsecured notes due 2025 are unchanged, the agency said.

“The senior unsecured notes including the new sustainability-linked notes are rated Ba3, one notch below the CFR, reflecting their junior ranking to other short-term financial liabilities and the sizeable amount of trade payables at the operating subsidiary's level,” Moody’s explained in a press release.

The proceeds will be used to partially refinance the €500 million senior unsecured notes due 2025.

The outlook is stable.

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