Moody’s upgrades Aperam, notes

Moody's Investors Service said it upgraded its ratings for Aperam SA, including the corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

The agency also upgraded the company’s senior unsecured notes due 2018 and 2020 to B2 from B3.

The outlook is positive.

Moody’s said the upgrade of the corporate family rating reflects the strong operational performance of the company over the first three quarters of the year and the agency’s view that Aperam will be able to continue to improve both its EBIT and EBITDA margins, after having reported two years of negative EBIT margin.

The agency further believes that the significant operational improvement will be sustained by the gains realized through the leadership journey.

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