Moody's rates Albéa Beauty B2

Moody's Investors Service said it assigned B2 corporate family rating and B2-PD probability of default rating to Albéa Beauty Holdings SA.

The ratings on Twist Beauty International Holdings SA also have been withdrawn because it no longer exists.

Moody's also said it affirmed the B2 rating to the €385 million and $408 million senior secured term loans B due April 2024 and to the $105 million revolving credit facility due April 2023, both borrowed or to be borrowed by Albéa Beauty Holdings.

The outlook is stable.

The actions were prompted by Albéa's corporate reorganization completed in December 2018 resulting, among other things, in a change in the group's reporting entity to Albéa Group SAS, Moody's said.

The company's revenues continued to perform strongly in the first nine months of 2018, but EBITDA increased only by 2.2%, driven primarily by the cosmetic rigid packaging division in Europe, the agency said.

This partially offsets the weaknesses in the North America and Chinese markets, Moody's said.

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