Moody's gives Coty notes Ba2

Moody's Investors Service said it gave a Ba2 rating to Coty, Inc.'s planned benchmark $600 million of senior secured notes due 2030.

Coty's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 senior secured rating, SGL-1 speculative grade liquidity rating and stable outlook remain unchanged because leverage is not materially affected, the agency said.

Coty will use the proceeds to partially repay the balance of the dollar-denominated senior secured first-lien term loan B due in 2025.

“Moody's considers this refinancing transaction as credit positive as it extends Coty's maturity profile, and increases the fixed debt portion in the company's capital structure, reducing the volatility of interest cost in this rising interest rate environment,” the agency said.

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