Moody's rates Debenhams add-on

Moody's Investors Service said it assigned a B2 rating to the proposed add-on issuance of Baroness Retail Ltd.'s senior notes issued through Debenhams Finance Holdings plc and affirmed the Ba3 senior implied rating of Baroness Retail Ltd.

The outlook is stable.

Moody's affirmed Baroness' senior implied rating of Ba3, unsecured issuer rating of B3, £746 million of senior credit facilities due 2011 rated Ba3 and Debenhams Finance Holdings plc's £160 million 10.5% senior notes due 2012 rated B2 and €172 million 9.5% senior notes due 2012 rated B2.

The additional notes are assigned a B2 rating, consistent with the rating of the existing senior notes. Moody's said the proceeds will be used to fund a shareholder distribution through the repayment of existing shareholder loans, which had been anticipated at the initial rating in May 2004.

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