Moody’s rates Oriflame notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Walnut Midco Ltd., the holding company that will own Oriflame Holding AG.

Concurrently, Moody's assigned B1 ratings to the €775 million equivalent senior secured notes due in 2024 to be issued by Walnut Bidco plc, a fully owned subsidiary of Walnut Midco.

The outlook is stable.

“Oriflame's B1 rating reflects good market positioning and robust cash flow generation, which are offset by the risk of operating under a multi-level direct selling model,” Lorenzo Re, Moody's vice president senior analyst and lead analyst for Oriflame, said in a news release.

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