Moody's rates Belron Ba3

Moody's Investor Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Belron Group SA.

Moody's also said it withdrew the Ba3 corporate family rating and Ba3-PD probability of default rating at Belron SA.

The ratings the senior secured credit facilities at Belron Finance US LLC and Belron Finance Ltd. are unaffected.

The outlook is stable.

Belron Group is a newly created entity that sits at the top of the restricted group following completion of a holding company restructuring, Moody's explained.

The ratings balance the company's high pro-forma adjusted debt-to-EBITDA ratio of 4.6x at closing against a relatively stable business model, underpinned by the largely non-discretionary nature of the repair and replacement services provided by Belron, the agency said.

Moody's said it expects that continuation of the current operating performance will lead to a gradual de-leveraging toward 4x in the next 12 to 18 months.

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