Moody’s lifts Praeco bonds

Moody's Investors Service said it upgraded Praeco Pty Ltd.'s bond ratings to Baa1 from Baa2.

At the same time, the agency revised the outlook to positive from stable.

"The upgrade of the rating to Baa1 reflects recent initiatives by the sponsor which will assist the refinancing of Praeco's A$216 million bullet bonds due in July 2020, particularly following the sponsor's measures to strengthen the capital structure," Simon Poidevin, Moody's analyst, said in a news release.

"Such initiatives have strengthened Praeco's credit profile to a level that is no longer consistent with the previous rating."

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