Madrid, May 16, 2013 -- Moody's Investors Service has today assigned a corporate family rating (CFR) of B1 and a probability of default rating (PDR) of Ba3-PD to Avanza Spain S.A.U. ("Avanza"), the ultimate holding company of the subsidiary guarantors to the group's senior credit facilities. Concurrently, Moody's has assigned a provisional (P)B1 rating to Avanza's proposed EUR315 million of senior secured bonds due 2018 to be issued by AG Spring Finance Limited ("Senior Secured Bonds") and a provisional (P)B2 rating to the proposed EUR175 million of senior unsecured fixed rate bonds due 2019 to be issued by AG Spring Finance II Limited ("Senior Unsecured Bonds"). The company will also raise a EUR50 million super senior revolving credit facility ("RCF") due 2017. The company is proposing to use the proceeds of the Senior Secured Bonds and the Senior Unsecured Bonds to refinance existing senior facilities within Avanza. As part of the refinancing, Avanza Spain S.A. and Avanza Interurbanos S.L. will be consolidated within Avanza, allowing the key assets of the group to be consolidated going forward. This is the first time that Moody's has assigned ratings to Avanza.

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