Moody's rates Restaurant Brands Iberia loans B1

Moody's Investors Service said it assigned a first-time B1 corporate family rating and a B1-PD probability of default rating to Elvis UK MidCo Ltd., the parent company of Restaurant Brands Iberia SA, the master franchisee of the Burger King brand in Spain and Portugal.

Concurrently, Moody's said it assigned B1 ratings to the €538 million guaranteed senior secured term loan B due 2028 and the €150 million guaranteed senior secured revolving credit facility due 2027, both to be borrowed by the company's subsidiary, Elvis UK HoldCo Ltd.

The outlook is stable.

Elvis UK MidCo is a new holding company established as part of the acquisition of a majority stake in RB Iberia by funds advised by Cinven from the company's founding family.

“The B1 rating assigned to Restaurant Brands Iberia reflects its strong business profile as the master franchisee of one of the world's leading quick service restaurant (QSR) brands in the large and growing Iberian market, with a consistent track record of strong like-for-like sales growth and network expansion,” said Igor Kartavov, a Moody's lead analyst for RB Iberia, in a news release.

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