Moody’s upgrades Praeco

Moody’s Investors Service said it upgraded Praeco Pty Ltd.’s underlying senior secured and backed senior secured ratings to A3 from Baa1. Praeco is owned by IFM Investors Ltd.

At the same time, Moody’s changed the outlook to stable from positive.

“The upgrade reflects our expectation of a high likelihood of a successful refinancing of Praeco’s A$216 million bullet bonds based on the project’s advanced stage of arranging new debt following IFM’s initiatives to strengthen the project’s financial flexibility,” says Simon Poidevin, a Moody’s assistant vice president and analyst, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.