Moody's assigns Cerdia, notes B3

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Cerdia Holding Sarl and a B3 rating to the planned $600 million of guaranteed senior secured notes due in January 2027 issued by its financing subsidiary Cerdia Finanz GmbH.

"The assignment of Cerdia's B3 rating reflects the improved maturity profile of the company following the refinancing of its capital structure, as well as expectations for a meaningfully lower cost base following the closure of its Roussillon plant in France, which provides potential for the company to deleverage its capital structure over the next several years," said Janko Lukac, a Moody's vice president and senior analyst, in a press release.

Moody's said it plans to withdraw the ratings on BCP VII Jade Holdco (Cayman) Ltd. and the legacy debt instruments and Cerdia's subsidiary Jade Germany GmbH upon repayment.

The outlook on both entities is stable.

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