Moody's rates Nemera loans B2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Financiere N (Nemera).

The agency also said it assigned B2 ratings to the €375 million senior secured term loan B due 2025 and to the €65 million senior secured revolving credit facility due 2024 to be issued by the company.

The outlook is stable.

The ratings reflect the company's leading position in the drug device market with high revenue visibility and entry barriers, Moody's said.

The ratings also consider its high adjusted leverage of 7.1x as of December 2018, the agency said.

The ratings also recognize the company's leading positions in the drug-delivery device market, strong market growth dynamics and high revenue visibility based on long-term contracts and drug device program, Moody's said.

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