Moody's assigns Ba2 to Dufry One notes

Moody's Ratings said it assigned a Ba2 rating to Dufry One BV's planned seven-year €500 million of backed senior unsecured notes.

“The Ba2 ratings on Dufry's existing backed senior unsecured obligations are unaffected and so are the Ba2 corporate family rating (CFR) and Ba2-PD probability of default rating (PDR) of ultimate parent, global travel retail leader Avolta AG,” Moody’s said in a press release.

The proceeds will be used to fund a tender offer for an equivalent amount on the issuer's €800 million of backed senior unsecured notes due in October. The company plans to address the remaining amount after the tender process using a mix of cash and available facilities. As of December, the company had unrestricted cash of CHF 591 million and CHF 1.9 billion available under its large €2.75 billion senior unsecured revolving credit facility.

The outlook remains stable.

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