Moody's ups ISS CFR, loans & notes

Moody's Investors Service said it upgraded the corporate family rating of ISS A/S to Ba3 from B1.

Concurrently, the agency upgraded the probability of default rating rating to Ba3-PD, the company's senior subordinated notes due 2016 to B2 from B3 and the senior secured facilities to Ba2 from Ba3 of ISS Global A/S.

All ratings are under review for upgrade.

"The upgrade of the CFR to Ba3 reflects the reduction in net leverage that has taken place over the past 12-18 months as ISS has conducted a string of divestments of non-core assets and applied the proceeds for debt reimbursement," Knut Slatten, Moody's lead analyst for ISS, said in a news release. "This has contributed to a strengthening of free cash flows as interest payments have been significantly reduced."

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