Centurion Bidco S.p.A.: Update to credit analysis

Centurion Bidco S.p.A.: Covenant Quality Post-Sale Snapshot: ¬605m 5.875% Senior Secured Notes due 2026 - Covenant Quality Assessment – 2023/09/06 – US$ 750.00 – ...Score: Weakest (5.00) Any restricted payment ("RP") can be made if the cons. total net leverage ratio 3.25x. With an estimated initial ratio of 3.4x, the Issuer is not able to satisfy the test on issue date. Until such time as the ratio is satisfied, the Issuer can make restricted payments with the accumulating credit under the RP income basket and carve-outs. + Restricted payments. All 4 standard RP categories (dividends, capital stock, subordinated debt, restricted investments) plus subordinated shareholder funding. + RP income basket. 50% cons. net income ("CNI") basket, subject to no default and 1 debt test (standard). Start dates. RPs and additions: 23 July 2020 ("Acquisition Closing Date"); CNI basket: first day of the first fiscal quarter in which the acquisition closing date occurs. Upfront credit: 20m. + Re-classification of RPs to RP income basket. Not expressly allowed. + Non-cash additions to RP income basket. Liquidated investments and unrestricted subsidiaries redesignated...

Engineering Ingegneria Informatica S.p.A.: Update to credit analysis - Credit Opinion – 2023/06/16 – US$ 250.00 – ... B2 corporate family rating (CFR) and negative outlook reflect the company's weak financial profile, and the execution risk associated with improving its Moody's-adjusted leverage to below 6.0x over the next 12 months on a sustained basis and achieving Moody's-adjusted free cash flow (FCF) in the mid- single digits as a percentage of Moody's-adjusted debt. More generally, Engineering's B2 CFR is supported by the company's leading market position and strong technical know-how; an attractive Italian IT market with growth potential; and the relatively high switching costs for Engineering's services and its good customer retention. Concurrently, the rating is constrained by Engineering's limited geographical diversification and significant customer concentration; the strong competition in the Italian IT services market; the risk of corporate governance issues because of the company's weak track record in this regard; and the possibility...

Centurion Bidco S.p.A.: Covenant Quality Pre-Sale Snapshot: ¬385m __% Senior Secured Notes due 2028 - Covenant Quality Assessment – 2023/05/05 – US$ 750.00 – ...Score: Weakest (5.00) Any restricted payment ("RP") can be made if the cons. total net leverage ratio 3.25x. With an estimated initial ratio of 3.9x, the Issuer is not able to satisfy the test on issue date. Until such time as the ratio is satisfied, the Issuer can make restricted payments with the accumulating credit under the RP income basket and carve-outs. + Restricted payments. All 4 standard RP categories (dividends, capital stock, subordinated debt, restricted investments) plus subordinated shareholder funding. + RP income basket. 50% cons. net income ("CNI") basket, subject to no default and 1 debt test (standard). Start dates. RPs and additions: engineering acquisition date (July/23/2020); CNI basket: first day of the first fiscal quarter prior to the engineering acquisition dates. Upfront credit: 20m. + Non-cash asset valuation. Non-cash additions to RP income basket. Liquidated investments and unrestricted subsidiaries redesignated as restricted are valued at FMV at time of...

Moody's assigns a B2 rating to Engineering's new backed senior secured notes - Rating Action – 2023/05/04 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's affirms Engineering's B2 CFR, outlook changed to negative - Rating Action – 2022/12/02 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Centurion Bidco S.p.A. - LGD Assessment – 2020/10/26 – US$ 750.00

Centurion Bidco S.p.A.: Update following issuance of senior secured notes - Credit Opinion – 2020/10/05 – US$ 250.00 – ...Centurion Bidco S.p.A.'s (Engineering or the company) B2 corporate family rating (CFR) is supported by its leading market position and technical know-how; an attractive Italian IT market with growth potential; relatively high switching costs for its services and good customer retention; our expectation of Engineering's resilience to the coronavirus pandemic and the related economic downturn, combined with healthy medium-term revenue and EBITDA growth; and our forecast for Moody's-adjusted free cash flow (FCF)/debt of above 5%. Conversely, the CFR is constrained by Engineering's limited geographical diversification and significant customer concentration; strong competition in the Italian IT services market; the company's limited record of growth in cash flow generation; risks associated with the company's large net working capital position; and the possibility of delays in deleveraging from Moody's-adjusted (gross) leverage of 5.3x, at closing of the leveraged buyout, because of debt-funded...

Moody's assigns B2 rating to Centurion Bidco S.p.A. proposed senior secured notes - Rating Action – 2020/09/30 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Centurion Bidco S.p.A.: New issuer - Credit Opinion – 2020/07/10 – US$ 250.00 – ...Centurion Bidco S.p.A.'s (Engineering or the company) B2 corporate family rating (CFR) is supported by its leading company status and strong technical know-how; an attractive Italian IT market with significant growth potential; the relatively high switching costs for its services and good customer retention; our expectation of Engineering's resilience to the coronavirus outbreak and the related economic downturn, combined with healthy revenue and EBITDA growth over the medium term; and our forecast for Moody's-adjusted free cash flow (FCF)/ debt of above 5%. Conversely, the CFR is constrained by Engineering's limited geographical diversification and significant customer concentration; strong competition in the Italian IT services market; the company's limited record of growth in cash flow generation despite gains in revenue and EBITDA; risks associated with the company's large net working capital position; and the possibility of delays in deleveraging from Moody's-adjusted (gross) leverage...

Moody's withdraws B2 rating assigned to Engineering's proposed senior secured notes - Rating Action – 2020/07/10 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...