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Moody’s lifts Rolls-Royce
Moody's Investors Service said it upgraded Rolls-Royce plc’s ratings by a notch, including its corporate family rating to Ba1 from Ba2, its probability of default rating to Ba1-PD from Ba2-PD, long-term backed senior unsecured rating to Ba1 from Ba2 and its backed senior unsecured euro medium-term notes (EMTN) program rating to (P)Ba1 from (P)Ba2.
Rolls-Royce boosted its company-adjusted operating profit to £1.6 billion from around £650 million in 2022 pushing its Moody's-adjusted gross debt/EBITDA to around 2x in 2023 (2.6x excluding hedging, foreign exchange and other financial result) from 5.3x at the end of 2022 (3.8x excluding hedging, foreign exchange and other financial results).
Moody's said it sees Rolls-Royce repaying a €550 million bond due in May using cash and keeping its Moody's adjusted leverage below 2.5x.
The outlook remains positive.
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