Moody’s upgrades Elior, loans & notes

Moody's Investors Service said it upgraded Elior SA’s (formerly Holding Bercy Investissement SCA) corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B2-PD.

The agency also upgraded the ratings on Elior's and Elior Participations’ senior secured bank facilities and the senior secured notes (due 2020) of Elior Finance & Co SCA to B1 from B2.

The outlook was changed to stable from positive.

Moody’s said the upgrades reflect the reduced leverage following the IPO in June 2014, the favorable performance in the current year with increased organic growth rates, the strong outlook in the concession business from the development of U.S. turnpikes and the improving cash flow metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.