Moody’s raises MHP rating to Caa3-PD

Moody’s Investors Service said it upgraded MHP SE’s probability of default rating to Caa3-PD from Ca-PD and changed the outlook to stable from negative. The agency also affirmed MHP’s Caa3 long-term corporate family rating and Caa3.ua. national scale rating.

"The rating action reflects MHP's improved liquidity position after securing credit facilities from international and development financial institutions (IFIs) in October 2023 to support the refinancing of the company's $500 million eurobonds due May 2024 (2024 eurobonds)," said Sebastien Cieniewski, Moody's lead analyst for MHP, in a press release.

The company also completed two tender offers in November and January, which enabled MHP to buy back part of the 2024 eurobonds at a discount to preserve its cash balance.

Moody’s said it now expects MHP to repay the remaining 2024 eurobonds at maturity and that the company will have enough liquidity for its funding needs for the next 18 months.

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