Moody’s might cut Avanza

Moody's Investors Service said it placed Avanza Spain SAU's B3 corporate family rating and B2-PD probability of default rating on review for downgrade.

Concurrently, the agency placed on review for downgrade the B2 rating of Avanza's €315 million of senior secured fixed rate bonds due 2018 issued by AG Spring Finance Ltd. (senior secured notes), and the Caa1 rating of its €175 million of senior unsecured fixed-rate bonds due 2019 issued by AG Spring Finance II Limited (senior notes).

Avanza is the ultimate holding company of the subsidiary guarantors to the group's senior credit facilities.

Moody’s said the review reflects the risks associated with Avanza's tender offer and consent solicitation exercise launched on March 19. The offer sets out Avanza's proposal to purchase 100% of its outstanding notes and remove substantially all of the existing covenants from the financing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.