Moody's upgrades ISS

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of ISS A/S to B1 from B2.

Concurrently, Moody's upgraded the rating on the company's senior subordinated notes due 2016 to B3 from Caa1.

The outlook is stable.

"Today's rating action follows ISS's announcement on Aug. 16 that the Ontario Teachers' Pension Plan and Kirkbi Invest A/S are to invest approximately €500 million of equity into the company," Moody's lead analyst for ISS Knut Slatten said in a news release.

"Specifically, the upgrade reflects our understanding that the funds received from the new investors, who will hold approximately 26% of the ultimate holding company of ISS, is expected to be applied to repayment of the 11% senior notes, due 2014, after the notes call date in Dec. 2012," Slatten added in the release.

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