Moody’s raises Travelport

Moody's Investors Service said it upgraded the corporate family rating of Travelport Ltd. to B1 from B2.

The outlook was changed to stable from positive.

Moody’s said the action reflects the company's: (a) Conservative financial policies targeting deleveraging and debt repayments; (b) strong trading performance in 2016 and 2017; and (c) expected continued growth from mid-2018, with new contract wins more than offsetting the loss of a large Pacific-based travel agent in 2017.

Concurrently, the agency upgraded the ratings on the $2.1 billion senior secured term loan maturing in 2021 and $150 million senior secured revolving credit facility maturing in 2022, issued by Travelport Finance (Luxembourg) Sarl to B1 from B2, and upgraded Travelport's probability of default rating to B1-PD from B3-PD.

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