Moody’s upgrades Elior, loans & notes

Moody's Investors Service said it upgraded the corporate family rating of Holding Bercy Investissement SCA (Elior Finance & Co. SCA) to B1 from B2 and its probability of default rating to B2-PD from B3-PD.

The agency also upgraded the ratings on Elior and its subsidiaries' senior secured bank facilities and senior secured notes (due 2020) to B2 from provisional B3.

The outlook was changed to positive from stable.

Moody’s said the upgrades follow the successful completion of Elior's IPO with net proceeds of about €746 million to be used to prepay a combination of senior secured bank loans and the senior secured notes. Post-IPO, the private equity firm Charterhouse retains around 40% of the equity, and the cofounder (Mr. Zolade) around 20%.

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