Moody's assigns TK Elevator B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to TK Elevator Holdco GmbH, a holding company of TK Elevator and withdrew the B2 CFR and B2-PD PDR and the stable outlook at TK Elevator Topco GmbH.

“The assignment of the B2 CFR to TK Elevator Holdco GmbH and withdrawal of the CFR at TK Elevator Topco GmbH follows Moody's conclusive review of TKE's organizational and legal structure with TK Elevator Holdco GmbH as the top entity of the restricted financing group,” the agency said in a press release.

Concurrently, the agency affirmed the B1 instrument ratings on the senior secured term loans B, the senior secured notes, the senior secured floating-rate notes and on the senior secured revolving credit facility raised by TK Elevator Midco GmbH and Vertical U.S. Newco Inc. and the Caa1 instrument rating on the senior unsecured notes issued by TK Elevator Holdco.

The outlook of TK Elevator Holdco, TK Elevator Midco and Vertical U.S. Newco remains stable.

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