Moody's assigns B3 to Financiere Mendel

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Financiere Mendel SAS (Ceva). Moody's withdrew the existing B3 CFR and the B3-PD PDR that was previously assigned to Financiere Top Mendel SAS.

Moody's reassigned the CFR from Financiere Top Mendel SAS to Financiere Mendel SAS following a change in the broader Ceva group, as a result of which, Financiere Mendel SAS will be the top entity and the new reporting entity within the restricted group going forward.

Moody's also affirmed the B3 senior secured rating of Ceva's existing facilities, comprising a €2 billion senior secured term loan B, a €50 million senior secured acquisition & capital expenditure facility maturing in 2026 and a €100 million senior secured revolving credit facility maturing in 2025, borrowed by the company and its subsidiary Ceva Sante Animale.

The outlook for Financiere Mendel SAS and Ceva Sante Animale remains stable.

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