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Moody's assigns BDR Thermea Ba3
Moody's Investors Service said it assigned a Ba3 corporate family rating and probability of default rating to BDR Thermea BV.
The agency said it simultaneously withdrew the Caa1 corporate family rating and probability of default rating at Heating Finance plc.
Moody's noted that it also upgraded the ratings on Heating Finance's bank facilities to Ba3 from Caa1, and £100 million mezzanine notes to B2 from Caa3.
The outlook is stable.
According to the agency, the rating actions reflect the completion of the merger between Baxi - the parent of Heating Finance - and the De Dietrich Remeha Group.
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