Moody's rates Louis No. 1 notes B2, B3

Moody's Investors Service said it assigned a provisional B2 rating to Louis No. 1's proposed €430 million senior notes due 2014 and a provisional B3 rating to its proposed €300 million senior subordinated notes due 2016. The B1 corporate family rating and B1 rating for the €805 million senior secured facility were affirmed.

The outlook is stable.

The proceeds from the notes will be used to repay the bridge facilities initially used to fund the acquisition of the business of TNT Logistics.

Both notes rank behind the senior secured bank facility. The respective one and two notches below the corporate family rating and the senior secured bank facility reflect the level of relative subordination in the capital structure, Moody's said.

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