Iris HoldCo GmbH: Update following change in outlook to negative

Moody's Ratings changes Rodenstock's outlook to negative; affirms B3 ratings - Rating Action – 2024/04/25 – 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...

Iris HoldCo GmbH - LGD Assessment – 2023/06/20 – US$ 750.00

Iris HoldCo GmbH: Update to credit analysis - Credit Opinion – 2023/04/21 – US$ 250.00 – ...Iris HoldCo GmbH's (Rodenstock) B3 corporate family rating (CFR) is supported by the company's established market position as the world's fourth-largest ophthalmic lens producer and its strong position in core European markets; its comprehensive offering in both branded and private-label corrective lenses with a focus on high-end progressive biometric lenses, complemented by the sale of equipment and services for opticians; favourable fundamental demand drivers of lenses, supported by the increasing average age of lens wearers in the main European markets and growing population in emerging markets; and expectations of operational improvement in the next 12-18 months, aided by cost-saving initiatives resulting in positive free cash flow (FCF) and leverage reduction. The rating is also supported by the company's adequate liquidity. Concurrently, Rodenstock's B3 CFR is constrained by the company's high leverage; its smaller size than that of its direct peers; the risk that further consolidation...

Iris HoldCo GmbH - LGD Assessment – 2022/07/07 – US$ 750.00

Iris HoldCo GmbH: Update following Indo Optical acquisition - Credit Opinion – 2022/06/21 – US$ 250.00 – ...Iris HoldCo GmbH's (Rodenstock) B3 corporate family rating (CFR) with a stable outlook reflects our expectation that the company will maintain positive operating performance, with continued sales and EBITDA over the next 12 to 18 months. The acquisition of Indo Optical will improve Rodenstock's business profile, adding new markets, complementing its product range and offering good cross-selling opportunities. However, the 170 million additional debt issuance to finance the deal will slow leverage reduction. We expect the company's Moody's-adjusted gross leverage to remain slightly above 7.5x through 2023, leaving its rating weakly positioned. However, this high leverage is mitigated by Rodenstock's good liquidity and solid cash generation capacity. The rating also factors in the company's established market position as the world's fourth- largest ophthalmic lens producer and its strong position in core European markets, notwithstanding its smaller size than direct peers; its comprehensive...