Moody's changes TMF view to positive

Moody's Investors Service said it changed TMF Sapphire Midco BV and TMF Sapphire Bidco BV outlook to positive from stable and affirmed the B3 corporate family rating and B3-PD probability of default rating of TMF Sapphire Midco.

Concurrently, Moody's affirmed B2 instrument ratings of TMF Sapphire Bidco’s €950 million backed senior secured first-lien term loan and the €150 million backed senior secured first-lien revolving credit facility as well as the Caa2 instrument rating on the €200 million backed senior secured second-lien term loan.

“Today's rating action is driven by TMF's operational performance improvements in 2020 and in the first quarter of 2021 reflected in EBITDA growth, positive free cash flow (FCF) generation and deleveraging. The positive outlook recognizes the upside potential on the rating if the company demonstrates a sustained track record in improving its operating profitability while strengthening its FCF generation, reducing its financial leverage and maintaining a prudent approach towards future M&A activity over the next quarters,” Moody’s said in a press release.

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