Moody’s assigns B3 to Haya, notes

Moody's Investors Service said it assigned a corporate family rating of B3 and probability of default rating of B3-PD to Haya Real Estate SLU.

Concurrently, the agency assigned a provisional B3 rating to the €450 million senior secured notes due 2022 to be issued by subsidiary Haya Finance 2017 SA.

The outlook is stable.

Moody’s said the action reflects Haya's contract renewal risk and customer concentration partially offset by modest financial leverage at closing and strong cash flow generation.

“The rating action follows the launch of the refinancing transaction by Haya. The proceeds from the notes issuance together with some cash on balance sheet will be used to (1) refinance its existing debt facilities, (2) make shareholder distribution in the form of dividends and repayment of shareholder loans, (3) make the upfront payment for the acquisition of the Liberbank contract, and (4) pay transaction fees,” the agency said in a news release.

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