Avanza Spain S.A.U. -- Moody's downgrades Avanza's CFR to B3 from B1; outlook stable

London, 12 June 2014 -- Moody's Investors Service has today downgraded Avanza Spain S.A.U.'s (Avanza) corporate family rating (CFR) to B3 from B1 and probability of default rating (PDR) to B2-PD from Ba3-PD. Concurrently, Moody's has downgraded Avanza's EUR315 million of senior secured fixed rate bonds due 2018 issued by AG Spring Finance Limited (Senior Secured Bonds) to B2 from B1 and Avanza's EUR175 million of senior unsecured fixed rate bonds due 2019 issued by AG Spring Finance II Limited (Senior Unsecured Bonds) to Caa1 from B2. Avanza is the ultimate holding company of the subsidiary guarantors to the group's senior credit facilities. The outlook on all ratings is stable.

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