Moody’s lifts Holdelis, Novalis

Moody's Investors Service said it upgraded the corporate family rating of Holdelis SAS (Elis) to B1 from B2 and the probability of default rating to B1-PD from B2-PD.

Concurrently, the agency upgraded and assigned a definitive rating of Ba3 from provisional B1 to the €450 million of senior secured notes issued by Novalis SAS.

All ratings were placed on review for upgrade.

"The upgrade of the CFR to B1 reflects Elis' solid operating performance over the past 12 months allowing for leverage to decrease despite an overall challenging operating environment," Knut Slatten, Moody's lead analyst for Elis, said in a news release.

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