Moody's flips Olympic view to positive

Moody's Investors Service said it changed the outlook to positive from negative and affirmed Odyssey Europe Holdco Sarl's long term corporate family rating at Caa1 and its probability of default rating at Caa1-PD. Concurrently, the agency affirmed the instrument ratings on the amended and restated senior secured notes due 2025 at Caa1.

This rating action follows Odyssey’s announcement on April 26 of the completion of the company's restructuring transaction, Moody’s said.

“The affirmation of the CFR to Caa1 and the change in outlook to positive reflect the removal of refinancing risks following the completion of the restructuring transaction, combined with an improved liquidity profile. Moody's also expects that credit metrics will improve in the next 12-18 months and that these could be more commensurate with a B3 CFR, namely Moody's gross adjusted leverage improving to sustainably below 6x, a Moody's-adjusted EBIT/interest ratio comfortably above 1x and positive free cash flow (FCF),” the agency said in a press release.

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