Moody’s assigns Ba2 to Kruk notes

Moody’s Investors Service said it assigned a Ba2 senior unsecured debt rating to Kruk SA's planned senior unsecured notes and simultaneously withdrew the Ba2 issuer rating for business reasons.

“The Ba2 senior unsecured debt rating reflects Kruk's Ba1 corporate family rating (CFR) and the priorities of claims and asset coverage in the company's liability structure following the new senior unsecured bond issuance. In particular, the high proportion of Kruk's secured bilateral and syndicated revolving credit facilities (RCF) indicates higher loss-given default for senior unsecured instrument classes, resulting in a positioning of the senior unsecured rating one notch below the company's Ba1 CFR,” Moody’s said in a press release.

The outlook is stable.

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