Moody's raises Olympic

Moody's Investors Service said it upgraded Odyssey Europe Holdco Sarl's corporate family rating to B3 from Caa1, the probability of default rating to B2-PD from Caa1-PD and the instrument rating on the €200 million of senior secured notes due 2025 to B3 from Caa1. The outlook has changed to stable from positive.

“Today's upgrade of Olympic's CFR to B3 reflects our expectation that Moody's-adjusted gross leverage will decrease towards 4.5x in the next 12 to 18 months, driven by the good recovery in the group's operating and financial performance since 2022,” the agency said in a press release.

“The stable outlook reflects our expectation that Olympic's EBITDA will be maintained at levels leading to a Moody's-adjusted gross leverage comfortably below 5x and that the company will maintain adequate liquidity with positive free cash flow (FCF) generation,” Moody’s added.

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