Moody's upgrades AutoStore

Moody's Investors Service said it upgraded Automate Intermediate Holdings II Sarl's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, Moody's affirmed the B1 instrument ratings of AutoStore's €440 million senior secured first-lien term loan B due 2026 and the €70 million senior secured first-lien revolving credit facility due 2026. The outlook has been changed to positive from stable.

AutoStore recently completed its initial public offering. It plans to use around $237 million of the proceeds to repay part of its debt.

“The upgrade of AutoStore's CFR to B1 from B2 with positive outlook reflects the company's changed financial policy and significantly reduced leverage following its successful IPO. The Moody's-adjusted Debt/EBITDA is expected to decrease to 4.2x from 6.3x pre-IPO, based on the last 12-months period to June 30, 2021, and pro forma for the intended $237 million debt repayment which is expected to be completed by the end of October 2021,” the agency said in a press release.

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