Moody's assigns a Ba3 to Elior notes

Moody's Investors Service said it assigned a Ba3 rating to the new guaranteed senior unsecured notes issued by Elior Group SA.

The Ba3 corporate family rating and the Ba3-PD probability of default rating are unchanged. “The Ba3 rating on the senior notes, at the same level as the CFR, reflects their pari passu ranking with the new RCF and term loan. The new senior notes, RCF, and term loan will be unsecured, but benefit from upstream guarantees from material subsidiaries accounting for at least 80% of consolidated EBITDA,” Moody’s said in a press release.

Elior is expected to lend the proceeds to its subsidiary guarantors,

The outlook remains negative.

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