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Moody's ups Rexel notes to Ba2
Moody's Investors Service said it upgraded Rexel SA's corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2 from Ba3.
Concurrently, Moody's upgraded to Ba2 from Ba3 the ratings on Rexel's €650 million senior unsecured notes due 2016 and €500 million senior unsecured notes due 2018.
The short-term rating of the company's €500 million commercial paper program remains NP.
The outlook is stable.
"The upgrade to Ba2 reflects Moody's recognition of the company's improved operating performance and solid cash generation resulting in deleveraging throughout 2011," Moody's lead analyst for Rexel Douglas Crawford said in a news release. "The upgrade also assumes that the company will maintain these current financial metrics."
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