Moody's gives Nuance B2 CFR

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Nuance Group AG.

"The assigned B2 corporate family rating balances our assessment of the company's high adjusted leverage and exposure to spending in the unpredictable travel global industry, with the company's strong position within the airport duty free shopping segment, and strong track record of renewing existing and winning new concession contracts from airport authorities," Moody's vice president, senior credit officer and lead analyst for Nuance Richard Morawetz said in a news release.

At the same time, Moody's assigned a provisional B2 rating with loss given default of LGD-4 to the upcoming senior secured €200 million notes due 2019 to be issued at Stampos BV, a wholly-owned subsidiary of the Nuance Group.

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