Moody’s revises eDreams to positive

Moody's Investors Service said it changed the outlook on the ratings of eDreams Odigeo SA to positive from stable.

Concurrently, the agency affirmed the company's B2 corporate family rating, B2-PD probability of default rating and the B3 rating on its €435 million backed senior secured notes due 2021.

Moody’s said the change in outlook reflects: (a) Strong trading, cash generation and deleveraging in the fiscal year ended March 31, 2017; (b) further deleveraging to below 4 times Moody's-adjusted debt/EBITDA expected through voluntary prepayments of the senior secured bonds and earnings growth; (c) eDreams leading position in the European online travel agency flights segment; and (d) risks of disruption from price transparency strategy, although the effects are expected to be limited.

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