The credit rating agency Moody’s Investors Service has affirmed French drinks company Remy Cointreau’s Ba2 senior implied and issuer ratings.
Saying that the rating outlook for the company looks positive, Moody’s said that the rating was a reflection of Remy’s leading position in Cognac and its stable earnings and cashflow. The ratings company also mentioned the improvements in Remy’s financials expected over the next three years.
Moody’s also said that it had assigned a prospective Ba2 rating to the proposed new €150m issue of senior notes due 2010.
Yesterday Remy announced that it was launching a new bond worth up to €150m, depending on market conditions.
The company said that proceeds from the bond will be used to pay back an existing €150m 10% bond maturing in 2005.
The market expects the company to launch the bond by the end of the week.
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