Moody’s upgrades Dufry to Ba2

Moody's Investors Service said it upgraded Dufry AG’s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD and the backed senior unsecured ratings of Dufry Finance SCA to Ba2 from Ba3.

The outlook is stable.

"Today's upgrade reflects our view that Dufry's credit metrics will continue to improve over 2017-18 driven by stronger EBITDA and positive free cash flow generation," Ernesto Bisagno, Moody's vice president, senior credit officer and lead analyst for Dufry, said in a news release.

"The upgrade also reflects the improved business profile reflecting the successful integration of World Duty Free.”

© 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.