Moody’s revises Travelport to positive

Moody's Investors Service said it changed the outlook on Travelport Ltd. to positive from stable.

At the same time, the agency affirmed Travelport's corporate family rating of B2 and the B2 instrument ratings on the $2.3 billion senior secured term loan maturing in 2021 and $125 million senior secured revolving credit facility maturing in 2019, issued by Travelport Finance (Luxembourg) Sarl. It also affirmed Travelport's B3-PD probability of default rating.

Moody’s said the change in outlook takes into account the following factors: (a) Financial policies targeting debt reduction; (b) substantial deleveraging in 2016 and expectations that Moody's-adjusted leverage will reduce toward 5 times in the next 12 to 18 months; (c) growth momentum driven by a stable air travel base and growth from airline merchandising solutions, hotel and other travel and payments services; and (d) solid cash generation.

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