KBRA Assigns Rating to Petit Forestier Group's $510 million and €100 million Senior Unsecured Notes

DUBLIN--(BUSINESS WIRE)--KBRA Europe (KBRA) assigns a BBB rating to the senior unsecured notes ("Notes") issued by Petit Forestier Group (“Petit Forestier”, “GPF” or "the group”), a global leader in full-service rental of refrigerated vehicles and a leading European lessor of display units and refrigerated containers, founded in 1907. The Notes include aggregate $510 million issued across five pari-passu tranches maturing between 2030 and 2033 with rates ranging from 5.27% to 5.63% and a EUR100 million 4.63% Notes tranche. The rating Outlook is Stable.

Key Credit Considerations

The ratings are supported by GPF’s strong market position as a leading global lessor of refrigerated vehicles operating across 22 countries with a focus in Europe, long history and resilient performance through economic cycles, vertically integrated and scalable business model with competitive advantages and high barriers to entry, and an experienced management team. The group has a stable earnings and cash flow profile underpinned by the stable nature of the markets served (including food-related sectors representing 58% of revenue), a quality in-demand fleet, and long-term contracted lease revenue with a stable customer base.

In addition, the group has a nearly entirely unsecured funding profile with increasingly diversified sources and an adequate liquidity profile with significant unencumbered assets which KBRA believes improves funding flexibility. GPF has historically relied on bilateral bank loans but is shifting towards a new financing structure relying mainly on syndicated loans, to be complemented by private placements issuances.

Counterbalancing these strengths are GPF’s niche asset type and sector exposures (albeit focused in the stable food sector), some geographic concentration in France (representing c. 50% of total revenue), and leverage levels that, while acceptable, are moderately higher than other comparably-rated vehicle fleet lessors.

At 31 December 2025 (YE25), gross debt-to-equity leverage was 4.6x (4.1x on a net debt-to-equity covenant basis which excludes factoring debt) and gross debt-to-EBITDA leverage was 4.6x (3.97x on a net debt-to-EBITDA covenant basis which excludes factoring debt), moderately higher levels versus the prior year. FY25 earnings and leverage were impacted primarily by increased debt funded capex meeting softer demand in the midst of economic uncertainty and higher maintenance costs due to inflation. Positively, GPF management forecasts a decline in debt-to-EBITDA leverage in FY26 with stronger earnings driven by pricing and cost efficiencies. In KBRA’s view, GPF’s management is committed to a prudent financial policy supported by discretionary capex growth, a selective approach to M&A activity, and ability to adjust dividend payments to maintain adequate cushion to financial covenants levels.

As of March 2026, the group had up to EUR200 million of available committed liquidity lines, comprised of (i) a EUR125 million revolving credit facility fully undrawn and (ii) up to EUR75 million bilateral committed bank credit line (to be progressively drawn for additional financing needs). In addition, the group secured a committed loan with the European Investment Bank in December 2025, of which, EUR30 million was still undrawn as of March 2026. Finally, the group has access to an uncommitted EUR60 million overdraft line. With these various liquidity lines, complemented with an amortizing debt structure, stable cash flow from long-term contracts, an unencumbered fleet and a stable customer base, the group is expected to have sufficient liquidity to support its needs.

The Stable Outlook reflects GPF’s historically stable earnings and cash flow, stable underlying demand in the food sector, adequate capital and liquidity metrics, and solid access to funding including during the pandemic.

Rating Sensitivities

The rating Outlook is Stable; therefore, an upgrade in the medium-term is not expected. Over time, significant franchise growth and increased geographic diversity globally, improved committed available liquidity levels, increased funding source diversity, and maintenance of lower leverage levels with significant cushion to covenants, while maintaining strong and stable profitability metrics could lead to the consideration of an upgrade.

The Outlook could be changed to Negative or the ratings could be downgraded if the group experiences a significant decline in utilisation, deterioration in asset quality (increased non-accruals, impairments or customer defaults), or a decline in funding availability with material negative impacts on the group’s profitability, leverage, or liquidity profiles. A sustained material leverage increase (on a debt-to-EBITDA or debt-to-equity basis) could lead to downward rating pressure. While not expected, a shift to a secured funding structure and significant reduction in encumbered assets could also result in a downgrade of the senior unsecured debt rating relative to the issuer rating.

To access ratings and relevant documents, click here.

Methodologies

• Financial Institutions: Finance Company Global Rating Methodology
• Corporates & Financial Institutions: Corporate Instruments / Corporate-Linked Obligations Notching Global Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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