Credit Ratings

As a result of the deleveraging and based on the improved profitability of the Group over recent years, the rating agencies, Moody’s and S&P, revised the Group ratings in July 2015.

amended March 30, 2017

Rating agencies Type of Debt Rating Credit Watch Outlook
Standard & Poor’s Long-Term Corporate Credit Rating B+ No Stable
  €600 million Senior Notes due 2022* B- No  
  €350 million Senior Secured revolving credit facility (RCF) BB No  
  €350 million Senior Secured Notes due 2021** B+ No  
Moody’s Corporate Family Rating (CFR) B1 No Stable
  €600 million Senior Notes due 2022* B3 No Stable
  €350 million Senior Secured Notes due 2021** B2 No Stable

* Initial 475 MEUR issuance JUN-2015 and 125 MEUR tap JUN-2016
**Dedicated to fleet financing


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