Moody’s rates THG loans B1

Moody’s Investors Service said it assigned THG Operations Holding Ltd.’s proposed senior secured facilities comprising a £510 million equivalent term loan B and £150 million revolver a B1 rating.

Moody’s also assigned a B1 corporate family rating and a B1-PD probability of default rating to the company.

“THGO’s B1 CFR reflects the company’s (a) strong organic revenue growth and stable margins; (b) successful integration and growth trajectory of numerous acquisitions; (c) strong positions in the online beauty and wellness retail segments, which are benefiting from favorable demand trends and should be relatively resilient in an economic downturn, notwithstanding the fundamentally discretionary nature of spending in this area; and (d) the potential for continued strong growth in the external customer base of the company’s technology platform, Ingenuity, further leveraging investments made to support the core online retail businesses,” said the agency in a press release.

The outlook is stable.

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