Moody’s rates Trevise/Group Services France, loans B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Trevise Holdings 1 (Group Services France).

Moody's also assigned B1 ratings to the €446 million senior secured term loan B and the €90 million senior secured revolving credit facility borrowed by the company.

The outlook is stable.

The net proceeds from the senior secured term loan B, alongside new equity investments from TowerBrook Capital Partners, have been used to fund TowerBrook's investment in Group Services France, alongside the Noisiez founding family, and to pay associated fees and expenses.

“GSF's B1 CFR reflects its (i) leading position in the French cleaning services market, with a significant exposure to value-added sectors such as industry, healthcare and food and beverage (accounting for 50% of revenue in 2022), (ii) its diversified customer base and (iii) its consistent track record of organic revenue growth without interruptions since 1998,” the agency said in a news release.

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