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Fnac Darty (FNACFP; NR/BB+ Neg/BB+ S) Moody's withdraws rating

CONSUMER CYCLICALS
  • Reasoning is "following the full redemption of the company's bond due May 2026, Moody's has decided to withdraw the remaining ratings.". Tad confusing since it refi'd the 26s using a new €550m 5NC2/29s in March. Adding to that Moody's only recently downgraded ratings by 1-notch which left the outstanding senior unsecured's at B1 Stable.
  • The new 29s priced at 6%/B+357 and has come in 3.7pts/-1% since. It sits in between "safe BBs" Coty & Dufry and French supermarket retailer Elo/Auchan (BB+) that is well north of it.
  • No firm view from us but we'd note low margin (below pre-covid), growth and interest cover with a €300m term loan coming due next year. Moody's was at B1 so effective uplift on composite rating here.
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