October 02, 2024 06:44 GMT
CONSUMER CYCLICALS: Minor Hotels Europe & Americas (Secured; Ba2 (now) /NR/BB+)
CONSUMER CYCLICALS
96% owned by Minor International/MINT
- Moody's with 1-notch upgrade to Ba3 on family rating and to Ba2 on the single €400m 26s (trades tight already). Stable outlook.
- Expects leverage to be 3.9x by year-end and 3.7x by next year. It is coming off LDD revenue growth - which Moody's sees continuing - while running ~25% EBITA margins.
- Parent Minor International/MINTTB (Snr Unsec; Baa1/NR/BBB) has $300m NC1.5 perp trading at 4.8% to reset.
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