Moody’s gives EG Group facilities B2

Moody's Investors Service said it assigned B2 ratings to the senior secured facilities being raised by EG Finco Ltd. (Finco), which will be used for a refinancing of existing debt and to fund agreed acquisitions in Italy and Germany.

Concurrently, the agency affirmed the B2 corporate family rating of EG Group Ltd. (EG), the ultimate parent of the EG group.

The probability of default rating was upgraded to B2-PD from B3-PD and the outlook is stable.

"The B2 ratings balance the significant operational and financial progress made since the merger between Euro Garages and EFR in late 2016, with the debt-funded nature of the acquisitions and execution risks associated with expansion into new territories," David Beadle, Moody's vice president, senior credit officer and lead analyst for the EG Group, said in a news release.

"We acknowledge the relatively limited impact on pro-forma credit metrics as well as the company's strong track record of successfully integrating major new portfolios."

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