Moody’s assigns Ba3 to Rosen

Moody’s Investors Service said it assigned Ba3 corporate family rating and Ba3 -PD probability of default rating to PG Investment Co. 59 Sarl (Rosen Group). Concurrently Moody's assigned Ba3 to the planned dollar-equivalent 1.15 billion senior secured first-lien term loan due 2031 issued by Rosen and the $300 million senior secured first-lien revolving credit facility due 2030 issued by Ursa Minor US Bidco, LLC, a fully owned subsidiary of Rosen. The outlook is stable.

Partners Group agreed to buy Rosen in November. Besides the loans, it will invest $880 million in cash equity.

"Rosen benefits from a very strong business profile and an established management team who have consistently delivered solid organic growth over the last 10 years. This combined with favorable trends developing from changes in regulation for the in-line inspection market will support fast deleveraging in line with Ba3 rating category," said Stefano Cavalleri, a Moody’s vice president, senior analyst and lead analyst for Rosen, in a press release.

The outlook reflects expectations that Rosen will roll out its new EMAT-C Ultra technology to clients and maintain its technological leadership, the agency explained.

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