Moody's gives B2 to TMF Sapphire Bidco

Moody's Investors Service said it assigned a B2 long-term corporate family rating and B2-PD probability of default rating to TMF Sapphire Bidco BV. There is no change to existing B2 ratings of the backed senior secured bank credit facilities issued by TMF Sapphire Bidco.

At the same time, Moody's withdrew TMF Sapphire Midco BV’s B2 CFR, the B2-PD PDR and its outlook.

“The change of the CFR to TMF Sapphire Bidco BV, the topco of the restricted group, reflects the fact that the reporting entity will be moved from TMF Sapphire Midco BV to Tucano Topco BV, which is an indirect holding company of TMF Sapphire Midco BV. The company will provide the reconciliation of audited accounts between TMF Sapphire Bidco BV and Tucano Topco BV. This change follows the completion of the refinancing, whereby TMF completed an amend-and-extend transaction and raised a new U.S. dollar tranche of backed senior secured bank credit facility,” Moody’s said in a press release.

The outlook is stable.

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