Moody's assigns Caa2 to Haya

Moody's Investors Service said it assigned a Caa2 corporate family rating and a Caa2-PD probability of default rating to Haya Holdco 2 plc as well as a Caa2 instrument rating to the €368.4 million of backed senior secured floating-rate notes due November 2025 issued by the company. The outlook is stable.

Haya used the proceeds with balance sheet cash to refinance the senior secured fixed- and floating-rate notes due in November issued by Haya Finance 2017 SA, a subsidiary of Haya Real Estate, SAU, which itself is a subsidiary of Haya Holdco.

Concurrently, the agency withdrew the Caa2 CFR assigned to Haya Real Estate while the PDR of Haya Real Estate has been amended to Caa2-PD/LD from Caa3-PD. The /LD designation reflects a limited default assignment by Moody's because it said it considers the refinancing a distressed exchange. The /LD will remain for three business days, after which it will be withdrawn.

Additionally, the outlook has been changed to stable from negative and will also be withdrawn after three business days along with the PDR. The Caa2 instrument rating on the senior secured fixed- and floating-rate notes issued by Haya Finance 2017 have also been withdrawn.

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