Moody’s changes ista outlook to positive

Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Trionista TopCo GmbH, the intermediate holding company of ista International GmbH.

Concurrently, the agency affirmed the Caa1 (LGD6-90%) rating assigned to the group's €525 million subordinated notes due 2021 issued by Trionista TopCo and the B1 (LGD3-37%) ratings on the €1.45 billion senior secured credit facilities and €350 million senior secured notes due 2020 issued by Trionista HoldCo GmbH.

The outlook was revised to positive from stable.

Moody’s said the positive outlook incorporates its expectation that ista will maintain its very strong profitability (while margins might contract temporarily as EED driven growth requires ramp-up investments) and further reduce adjusted leverage toward 6.5 times based on the steady growth in group earnings. The positive outlook further reflects Moody's anticipation of ista to generate positive free cash flows and maintain a solid liquidity profile at all times.

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