Moody’s rates CEVA Logistics notes B1

Moody's Investors Service said it assigned a B1 instrument rating to the €300 million senior secured notes due 2025 to be borrowed by CEVA Logistics Finance BV that CEVA Logistics AG intends to use to refinance existing debt.

All other ratings, including CEVA's existing B1 corporate family rating and B1-PD probability of default rating, are unaffected.

The rating on the senior secured notes is in line with the rating on other first-lien senior secured facilities, reflecting their pari passu ranking in the event of security enforcement and the senior-only financing structure, the agency explained.

Moody’s said the corporate family rating reflects the group's relatively solid business profile given the scale, global reach and breadth of the group's service offering, large and diverse blue-chip customer base with high retention rates and entrenchment in customers' operations in Contract Logistics and upside potential from improved operational efficiency, underpinned by an experienced management team that has delivered considerable operational improvements since 2014.

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