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Moody's assigns B2 to Group of Butchers
Moody's Investors Service said it assigned a first-time B2 corporate family rating and a B2-PD probability of default rating to Artisan Newco BV (Group of Butchers), the parent company of Meat Holdco BV, a producer of artisanal processed meat products across Benelux and Germany.
Concurrently, Moody's said it assigned B2 ratings to the 330 million senior secured term loan B due 2029 and the 50 million senior secured revolving credit facility due 2028, both to be borrowed by Artisan Newco.
The outlook is stable.
Proceeds from the new loan will be used to refinance existing debt and to fund recently completed acquisitions.
The B2 rating assigned to Group of Butchers reflects its business profile, including geographical concentration, its focus mainly on one product category and high customer concentration, as well as the company's leading category positions and second tier market positions in its core markets, its strong product development capabilities, its expected moderate leverage at closing, and solid free cash flow generation capacity, said Valentino Balletta, a Moody's lead analyst for Group of Butchers, in news release.
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