Moody’s upgrades Avast

Moody’s Investors Service said it upgraded Avast Holding BV’s corporate family and probability of default ratings to Ba2 from Ba3 and Ba2-PD from Ba3-PD.

The agency also raised the ratings to Ba2 from Ba3 on Sybil Software LLC’s dollar-denominated term loan and Avast’s euro-denominated term loan as well as Avast Software BV’s dollar-denominated revolver.

“We have upgraded Avast's rating to Ba2 because of the strong performance during the last year, a solid market environment and the company’s voluntary reduction of debt earlier this year. Avast has used its free cash flow for meaningful debt reductions and we expect a further reduction of leverage metrics towards 2.5x in the next 12-18 months, a level viewed as appropriate for the Ba2 category,” said Dirk Goedde, a Moody's assistant vice president and lead analyst for Avast, in a press release.

The outlook is stable.

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