Moody’s assigns THOM Europe CFR & notes B2

Moody's Investors Service said it assigned a provisional B2 corporate family rating to THOM Europe SAS, a holding company owning all of the shares of Histoire d'Or SAS.

Concurrently, the agency assigned a provisional B2 rating, with a loss given default assessment of LGD5 to the proposed€345 million worth of senior secured notes due 2019 to be issued by Thom Europe.

The outlook is stable.

"The (P)B2 rating reflects Thom Europe's small size and its reliance on the French domestic market," Yasmina Serghini-Douvin, Moody's vice president, senior analyst and lead analyst for Thom Europe, said in a news release. "Moreover, the rating accounts for its exposure to the cyclical jewellery industry, its high dependence on the Christmas season, as well as its high leverage and limited deleveraging prospects."

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