Moody’s upgrades Hoist Kredit, debt to Ba1

Moody's Investors Service said it upgraded Hoist Kredit AB (publ)'s long-term issuer rating to Ba1 from Ba2 and assigned a stable outlook.

At the same time, the agency upgraded the long-term senior unsecured debt rating assigned to the company's euro medium-term note program to provisional Ba1 from provisional Ba2.

The standalone baseline credit assessment (BCA), counterparty risk assessments and other assigned ratings are not affected by this action.

Moody’s said the action follows Hoist's May 26 announcement that it issued €250 million, 3˝-year notes under its newly established euro medium-term note program. The issued debt increases the loss absorption creditors would face in case of failure.

This action concludes the review on the issuer and euro medium-term note senior unsecured debt program ratings initiated on May 16.

Moody’s said the upgrade o is based on the company's BCA of ba3 and the results of Moody's Advanced Loss Given Failure Analysis.

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