Moody’s revises Parex outlook to positive

Moody's Investors Service said it changed the outlook on its ratings of Dry Mix Solutions Investissements SAS, the intermediate holding company of ParexGroup, to positive from stable.

Concurrently, the agency affirmed the B2 corporate family rating and B1-PD probability of default rating as well as the B2 rating on the group's €550 million seven-year senior secured floating-rate notes due June 2021.

"The outlook change to positive reflects the very robust performance of Parex through fiscal year 2014 which benefitted from a solid growth in demand across all of its business lines, particularly driven by emerging markets, as well as financial ratios which have improved faster than we had expected at the time of our rating assignment in June 2014," Goetz Grossmann, Moody's lead analyst for Parex, said in a news release.

"The positive outlook on Parex's ratings, which were already strongly positioned at the outset, indicates the possibility of a rating upgrade to B1 over the next 12 months, provided that the currently benign business environment and market dynamics remain supportive."

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