Moody's upgrades Constellium

Moody's Investors Service said it upgraded the corporate family rating of Constellium NV to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The agency also said it upgraded the ratings on all of the senior unsecured instruments to B2 from B3.

The outlook is stable.

The upgrades follow recent news of Constellium's strong operating results for the six months that ended in June with full year guidance for EBITDA in 2018 being revised upward to 11% to 13% growth, Moody's said.

The upgrades also consider the significant improvement in underlying operating and financial performance, driven by volume growth and cost efficiency initiatives, the agency added.

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