Moody’s rates Artemis, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Artemis Midco (UK) Ltd.

Artemis is controlled by funds managed and advised by Cinven and was formed in connection with the acquisition of the group Partner in Pet Food (PPF).

Concurrently, the agency assigned a B2 instrument rating to the €265 million senior secured term loan B and to the €45 million revolving credit facility being raised by Artemis Acquisitions (UK) Ltd. in connection with the acquisition.

The outlooks are stable.

PPF is being acquired by Artemis with the balance of the funding requirement funded by an equity injection from Cinven.

"The B2 CFR reflects the group's lack of product diversification, its small scale relative to both large and more diversified peers and to major retailers who are PPF's main customers, and highly leveraged capital structure. These challenges are partially mitigated by the positive trend of the underlying market of pet food and the company's established relationship with customers in key geographies," Lorenzo Re, Moody's vice president, senior analyst and lead analyst for Artemis, said in a news release.

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