Moody's ups Edwards Group

Moody's Investor's Service said it upgraded the corporate family and probability of default ratings for Edwards Group Ltd. to B2 from B3 and Edwards (Cayman Island II) Ltd.'s senior secured bank credit facility to a range of Caa1 to Ba2 from a range of Caa2 to Ba3.

The outlook was changed to positive from stable.

During the first nine months of 2010, Edwards reported a strong rebound of revenues and operating profitability supported by sizeable restructuring activities, growth initiatives and currently favorable market conditions, Moody's said.

The upgrade mirrors the reduction of the company's leverage level resulting from the improved profitability and a strengthening generation of funds from operations and a positive free cash flow, the agency said.

There is still some uncertainty regarding Edwards' financial policy driven by its private equity sponsors, Moody's added, and its revenues and operating margins are expected to remain volatile.

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