Moody’s lifts Bravida, notes, loan

Moody's Investors Service said it upgraded Bravida Holding AB (publ)'s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, the agency upgraded the rating on the senior secured notes due 2019 to B1 from B2 and the rating on super senior revolving credit facility due 2019 to Ba1 from Ba2.

The outlook is stable.

The action concludes the review for upgrade initiated on June 16 after Moody's announced a revised methodology for the capitalization of operating leases. The action also follows Moody's review of the most recent performance and prospects of the business.

The upgrade reflects a reduction in the agency’s adjusted leverage to 4 times in 2014 from 5.7 times in 2013. The reduction in leverage of 1.7 times is driven by the lower amount (0.9 times) of capitalized operating leases under Moody's revised methodology representing a significant amount of Moody's adjusted debt and by the positive impact (0.8 times) from Bravida's good operational performance in 2014 and in the first half of 2015.

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