We assigned our preliminary 'BB-' long-term issue credit ratings to Currenta's intermediate parent company, Currenta Group Holding S.a.r.l, and a 'BB-' rating to the €1.0 billion senior secured notes, with a '3' recovery rating (recovery range: 50%-70%; rounded estimate: 55%). Macquarie Asset Management seeks to refinance the existing indebtedness of Currenta which it had acquired in 2019/2020. As part of the transaction, Currenta is raising senior secured notes to refinance the existing capital structure, extend maturities, repay existing drawn revolving credit facility (RCF) and fund a shareholder payment. We view the proposed capital structure as highly leveraged, with adjusted leverage of 5.6x-5.8x for year-end 2025. The stable outlook reflects that we expect gradual improvement in EBITDA over the next 12-18
