Moody's assigns B1 to La Doria notes

Moody's Ratings said it assigned a first-time B1 long-term corporate family rating and B1-PD probability of default rating to La Doria SpA and assigned a B1 instrument rating to La Doria's proposed €500 million backed senior secured floating-rate notes due 2029.

The outlook is stable.

Proceeds from the proposed instruments will be used to refinance the company’s existing debt, fund a shareholder payment of around €125 million and fund related transaction fees and expenses.

“The B1 rating is supported by La Doria's leading market position in selected food categories, relatively good operating margins and flexible cost structure. These strengths are offset by the company’s high financial leverage of around 4.4x, a degree of geographical concentration, with sales mainly in the U.K. and a substantial client concentration,” said Valentino Balletta, a Moody's analyst and lead analyst for La Doria, in a news release.

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