Moody's moves LSF10 outlook to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed LSF10 Edilians Investments Sarl's corporate family rating and probability of default rating at B2 and B2-PD, respectively.

Concurrently Moody's affirmed the B2 instrument ratings on its €531 million guaranteed senior secured first-lien term loan B2, including the new €31 million drawings, and its €90 million guaranteed senior secured first-lien revolving credit facility. The agency also affirmed the Caa1 rating on the reduced the guaranteed senior secured second-lien term loan to €15 million from €100 million.

"Edilians ratings' affirmation and the outlook change to stable reflects the resilient trading conditions of the building materials industry in France over the last months, notably at the renovation segment. These have supported the company's solid operating performance despite the coronavirus-driven economic shock. Resulting credit metrics are stronger than anticipated, and we expect leverage to remain comfortably within its B2 rating guidance over the next 12 to 18 months," said Ana Luz Silva, a Moody's assistant vice president and lead analyst for Edilians, in a press release.

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