Moody’s assigned Motor Fuel Group’s CFR as B2

Moody’s has also rated the company’s probability of default rating (PDR) as B2-PD and GBP 1,196 million senior secured facilities (maturing in 2025 as well as to the GBP 230 million Revolving Credit Facility and to the GBP 50 million Letter of Credit Facility both due in 2024) as B1.

While the outlook on all ratings are depicted as stable, Moody’s Senior Credit Officer and lead analyst for MFG evaluated the announcement as follows: "The B2 rating reflects MFG's material leverage coupled with execution risks linked to the scale of the acquisition and delivery of the synergies. However, the business has strong cash flow dynamics and we acknowledge that management has significant experience operating on a leveraged basis in a market they know very well, and an excellent track record for successfully integrating historic acquisitions."