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Moody's assigns ratings to Luxembourg-based Saphilux

Moody's on Feb. 23 assigned Luxembourg-based Saphilux S.À R.L. a B3 corporate family rating and B2-PD probability of default rating, with a stable outlook.

The ratings reflect the company's high financial leverage, recent acquisitions, regulatory and legal risks given the business model and geographic concentration in Europe. The ratings also factor in the resilient business in a fragmented market, well-diversified customer base, strong cash conversion and positive market outlook for the company.