Moody’s lifts Aperam, convertibles to Baa3

Moody's Investors Service said it upgraded the rating of Aperam SA, assigning a long-term issuer rating of Baa3.

Concurrently, the agency upgraded the company’s senior unsecured convertible bond rating to Baa3 from Ba2.

The outlook is stable.

"Our decision to upgrade Aperam to investment grade reflects the company's strong operating performance, robust cash flow generation and successful efforts to de-lever over the past three years, as well as its ability to further reduce debt and maintain profitability over the coming 12-24 months," Hubert Allemani, Moody's vice president, senior analyst and lead analyst for Aperam, said in a news release.

Moody's also withdrew Aperam's Ba1 corporate family rating and Ba1-PD probability of default rating following its upgrade to Baa3, as per the agency's practice for corporates with investment-grade ratings.

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