Moody's upgrades AutoStore's

Moody's Investors Service said it upgraded Automate Intermediate Holdings II Sarl's (AutoStore) corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's boosted to Ba3 from B1 the instrument ratings of AutoStore's €440 million senior secured term loan B due July 2026 and the $150 million senior secured revolving credit facility due January 2026.

The agency also changed the outlook to stable from positive.

“The upgrade of AutoStore's CFR to Ba3 with a stable outlook reflects the company's continued very strong operating performance, with a 79% surge in revenue to $585 million and 60% growth in Moody's-adjusted EBITDA to $208 million in the financial year ended Dec. 31, 2022, compared to the year 2021 in which AutoStore achieved a similar growth. As a result, credit metrics have reached the guidance that Moody's had set for an upgrade, with the Moody's-adjusted debt/EBITDA down to 2.2x and Moody's-adjusted free cash flow increased to $46 million or 10% of adjusted debt,” the agency said in a press release.

The stable outlook reflects an expectation that AutoStore will continue achieving healthy organic revenue growth while maintaining Moody’s-adjusted EBITA margins at least at current high levels, the agency said.

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