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Moody's upgrades Ei Group
Moody's Investors Service said it upgraded Ei Group plc's corporate family rating to B1 from B2.
Moody's also said it affirmed the B1 rating on the company's £275 million senior secured bond due in 2031.
The outlook is stable.
Moody's also said it withdrew the company's B3-PD probability of default rating because this rating is no longer applicable under the relevant methodology.
The upgrade reflects the improvement in leverage and liquidity following the sale of the company's £348 million commercial-property portfolio, the agency said.
The bulk of the sale proceeds will repay outstanding debt, bringing the company closer to meeting its medium term target leverage of net debt-to-EBITDA of 6x, Moody's said.
The ratings are supported by the company's leading position as one of the largest pub operators in the United Kingdom, the agency said.
Counterbalancing these strengths are the still challenging U.K. pub sector operating environment and a somewhat elevated leverage that is higher than the company's medium-term target, Moody's said.
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