Moody’s lifts Hoist from junk

Moody's Investors Service said it upgraded Hoist Kredit AB's long-term foreign-currency issuer rating to Baa3 from Ba1, long-term foreign-currency senior debt rating to Baa3 from Ba1 and foreign-currency subordinated debt rating to Ba3 from B1. This concludes the review for upgrade that began on May 3, and the outlook is stable.

The rating action follows the successful placement of Hoist's €80 million 10-year tier 2 subordinated debt.

The agency said the upgrade reflects its assessment that the debt issuance materially increases the loss-absorption cushion available to creditors in the unlikely event of a failure.

The stable outlook reflects Moody’s expectation that Hoist's credit fundamentals and liability structure will remain in line with current ratings over the next 12 to 18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.