Moody's rates Wendel notes Baa2

Moody's Investors Service said it assigned a Baa2 instrument rating to Wendel SA's envisaged €300 million senior unsecured notes.

All of the existing ratings of Wendel are unchanged.

The outlook is stable.

The rating reflects the company's consistent and prudent investment strategy, as well as its conservative financial policy as exemplified by a very low point-in-time market value leverage and a commitment to maintain a low market value leverage through market cycles, Moody's said.

Wendel has a conservative investment strategy and strong track record of developing companies, the agency said.

The agency said it has a proven track record of generating consistent high returns for its shareholders with a 14% average return per annum over the period 2002 through 2018, a more palatable evidence of its successful investment strategy through market cycles.

Wendel's portfolio of investments is well diversified across business sectors and geographies, Moody's said.

The ratings are constrained by a relatively low and irregular interest cover, the agency said.

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