Moody's upgrades TeamViewer

Moody's Investors Service said it upgraded the corporate family rating of TigerLuxOne Sarl, the top entity of the TeamViewer group, to B2 from B3.

The agency also upgraded its probability of default rating to B2-PD from B3-PD.

Moody's also upgraded to B1 from B2 the ratings on the senior secured first-lien term loan B tranches due 2024, borrowed by Regit Eins GmbH and TV Borrower US, LLC.

The agency also upgraded the rating on the group's $200 million senior secured second-lien term loan, borrowed by TV Borrower, to Caa1 from Caa2.

The outlook is stable.

The ratings reflect the company's renewed strong billings and EBITDA growth in 2018, material de-leveraging to less than 6x despite adverse effect of subscriptions shift and improvement in free cash flow generation and good liquidity position, Moody's said.

Following an EBITDA decline in 2017, TeamViewer's earnings growth has bounced back strongly in the first three quarters of 2018, the agency added.

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