Moody's assigns InPost, notes Ba2

Moody's Investors Service said it assigned a first-time Ba2 corporate family rating and a Ba2-PD probability of default rating to InPost S.A. Concurrently, Moody's gave a Ba2 rating to the planned €390 million guaranteed of senior unsecured notes and PLN 800 million of guaranteed senior unsecured notes, both due 2027.

"InPost's Ba2 rating reflects its solid financial profile, with modest leverage and solid profitability, stemming from the company's highly competitive business model based on parcel delivery to automated parcel machines (APM)," said Lorenzo Re, a Moody's vice president, senior analyst and lead analyst for InPost, in a press release.

"The rating, however, also reflects the company's high customer concentration, modest geographical diversification and some execution risk related to its international expansion plans, including the recent acquisition of Mondial Relay," added Re.

InPost will use the proceeds to finance the acquisition of Mondial Relay and to repay drawings under the revolving credit facility.

The outlook is stable.

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