Moody’s raises Cognor, notes to Caa1

Moody's Investors Service said it upgraded Cognor SA’s corporate family rating to Caa1 from Caa2 and probability default rating to Caa1-PD from Caa2-PD.

The agency also upgraded Cognor International Finance plc’s outstanding senior secured notes due February 2020 to Caa1 from Caa2.

The outlook on all ratings was changed to positive from stable.

Moody’s said today's the action reflects the progress made by the company in the last 12 months to improve its financial profile and liquidity. The company improved its 2017 adjusted EBITDA and EBITDA margin to PLN 136 million and 7.6% from PLN 97 million and 7% respectively a year earlier.

Concurrently its adjusted gross leverage declined to 4.7 times at the end of 2017 from 7 times a year earlier.

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