Moody's assigns B1 rating to new senior secured notes of Victoria plc, affirms existing ratings; outlook is negative
Rating Action: Moody's assigns B1 rating to new senior secured notes of Victoria plc, affirms existing ratings; outlook is negative. Global Credit Research- 23 Feb 2021. London, 23 February 2021-- Moody's Investors Service has assigned a B1 instrument rating to the new proposed E400 million backed senior secured notes to be issued by Victoria plc, a leading supplier of flooring products.Victoria PLC is a designer, manufacturer and distributor of flooring products. The Company's principal activities are the manufacture, distribution and sale of floorcoverings. Its segments include UK and Australia. It manufactures wool and synthetic broadloom carpets, carpet tiles, underlay and flooring accessories. In addition, it markets and distributes a range of luxury vinyl tile (LVT) and hardwood flooring products produced by third-party manufacturers. Its product offering in the United Kingdom ranges from both crafted, woven Wilton carpets to Tufted carpets in a myriad of fashion colors and styles. Its stock range offerings cover saxonies, tonals, velvets, twists and natural loop pile styles for residential use. The Company supplies its products to the mid to high end residential market and contract sector both in the United Kingdom and overseas. Its subsidiary, Munster Carpets Limited, is engaged in the manufacture and distribution of floorcoverings for the contract market.
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