Moody's cuts Zentiva senior secured ratings to B3

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of AI Sirona (Luxembourg) Acquisition Sarl (Zentiva).

At the same time, given the now all-senior capital structure, the rating agency has downgraded the instrument ratings of the proposed amended €1.275 billion senior secured first-lien term loan B, which has been upsized to €1.825 billion, and €145 million senior secured first-lien revolving credit facility, both due in 2028, to B3 from B2.

Moody's also downgraded the instrument rating of the current first-lien facilities to B3 from B2, including the €1.275 billion senior secured first-lien term loan B, the £174.5 million senior secured first-lien term loan B, both due in September 2025, and the €145 million senior secured first-lien revolver due in March 2025.

The downgrade of the current instruments reflects the capital structure pro forma of the redemption of the €345 million senior secured second-lien term loan.

Moody's said it is withdrawing the B2 instrument rating on the proposed amended £174.5 million senior secured first-lien term loan B due in 2028, as this proposed instrument will not be executed.

The outlook remains positive.

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