Moody’s upgrades Elior

Moody’s Investors Service said it upgraded Elior SA’s corporate family rating to Ba2 from Ba3, along with its probability of default rating to Ba2-PD from Ba3-PD.

Moody’s also said it upgraded the rating on Elior Finance & Co SCA’s senior secured notes due 2020 to Ba3 from B1.

The outlook is positive.

The upgrades conclude a review for upgrade that began in June upon the agency’s adoption of an updated approach for ratings, Moody’s said.

The ratings are further supported by the company’s strong market positions in its key markets, along with improving geographic diversification, the agency said.

The ratings also consider the highly competitive market environment with competition from small, local businesses to international companies, Moody’s said, and a still high geographic concentration in France and Europe.

© 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.