Moody's upgrades Head

Moody's Investors Service said it upgraded Head NV's corporate family and probability of default ratings to B3 from Caa1, along with the senior unsecured rating to Caa2 from Caa3 on its €27.7 million outstanding notes due in 2014 issued by HTM Sport GmbH.

The outlook is stable.

The upgrade reflects further strengthening in Head's financial and liquidity profiles following the company's effort to improve cash flow generation in recent years, Moody's said, together with the debt exchange completed during 2009.

These measures are expected to result in a financial leverage in line with a B rating going forward, the agency said.

The upgrade also considers a expectation that Head will be able to take advantage of the modest recovering trends in the sport equipment market, Moody's added.

© 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.