Moody’s: Techem outlook to positive

Moody's Investors Service said it affirmed the B1 corporate family rating and B1-PD probability of default rating of Techem Energy Metering Service GmbH & Co. KG.

Concurrently, the agency affirmed the B3 (LGD5) rating assigned to the group's €325 million subordinated notes due 2020 and the Ba3 (LGD3) rating on the €410 million senior secured notes due 2019 issued by Techem GmbH.

The outlook was revised to positive from stable.

Moody’s said the positive outlook reflects its expectation that Techem will be able to further gradually deleverage toward an adjusted leverage ratio of well below 5 times debt/EBITDA, maintain its current profitability, and continue to generate moderate positive free cash flows.

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