Moody's upgrades Adevinta

Moody's Investors Service said it upgraded the corporate family rating of Adevinta ASA to Ba2 from Ba3 as well as the probability of default rating to Ba2-PD from Ba3-PD.

At the same time, Moody's upgraded to Ba2 from Ba3 the ratings for the €735 million and $498 million of outstanding senior secured term loan B tranches due 2028, €450 million senior secured revolving credit facility due 2026 (fully undrawn as of Dec. 31, 2022) and the €1.06 billion of outstanding senior secured notes due 2025 and 2027.

The outlook remains stable.

Moody's decision to upgrade Adevinta is driven by the company’s record of “healthy and resilient” operating performance despite the market headwinds over the last few years, “good progress” with eBay Classifieds Group’s integration, strong revenue and EBITDA growth potential over 2023-26 and the company's stated ambition to reduce reported net leverage to below 3.0x by the end of 2023 (compared to 3.5x at the end of 2022), Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.