Autodis S.A. -- Moody's affirms Autodistribution's B2 CFR and assigns a provisional (P)B2 to proposed Senior Secured Notes refinancing; outlook stable

London, 01 November 2016 -- Moody's Investors Service, ("Moody's") has today affirmed the B2 corporate family rating (CFR) of Dakar Finance S.A., a holding company of the Autodistribution group ('Autodistribution' or 'the company'), and has downgraded the company's probability of default (PDR) rating to B2-PD from B1-PD, and the instrument rating on the EUR239 million Senior Holdco Pay-If-You-Can Notes to Caa1 from B3. Concurrently, Moody's has assigned a (P)B2 instrument rating to the envisaged EUR510 million Senior Secured Fixed and Floating Rate Notes due 2020 to be issued by Autodis S.A., and will withdraw the B2 instrument rating of the EUR270 million existing Senior Secured Notes upon their successful redemption. The outlook on all ratings is stable.

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