03.10.2016 18:38:00
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Coty Inc. -- Moody's assigns definitive Ba1 ratings to Coty Inc. facilities after close of transaction; outlook stable
New York, October 03, 2016 -- Moody's Investors Service, ("Moody's") today assigned definitive Ba1 ratings to Coty Inc.'s (Coty's) senior secured bank credit facilities. Moody's also assigned definitive Ba1 ratings to the senior secured credit facilities at Galleria Co (Galleria), its acquired Beauty Business (formerly referred to as Beauty Business New Co). These instruments were originally assigned provisional (P)Ba1 ratings. In addition, Moody's assigned an SGL-2 Speculative Grade Liquidity rating to Coty Inc. The company's Ba1 Corporate Family Rating and Ba2-Probability of Default ratings were also affirmed. The rating outlook is stable. The assignment of definitive ratings reflects the closing of Coty Inc.'s acquisition of Procter and Gamble's beauty brands which took effect October 1. The ratings also reflect that all credit facilities benefit from the cross guarantees and cross collateralization of Coty, Galleria and other domestic subsidiaries.