Moody's shifts Seqens view to positive

Moody's Investors Service said it revised Seqens Group Holding’s outlook to positive from stable and affirmed its corporate family rating at B3 and its probability of default rating at B3-PD.

Concurrently, Moody's affirmed the B3 instrument ratings on its equivalent €647 million senior secured term loans due 2023 and the €90 million senior secured revolving credit facility due in June 2022 raised by Seqens Group Bidco, a direct subsidiary of Seqens. Moody’s also revised the unit’s outlook to positive.

"The positive outlook on Seqens' B3 rating reflects the successful turnaround of its operational production issues in combination with the remarkable resilience of its pharmaceutical business, amid the Covid 19 crisis, enabling the company to reduce its leverage meaningfully in 2020," said Janko Lukac, a Moody's vice president and senior analyst, in a press release.

"Furthermore, the company's liquidity improved in 2020 by decent free cash flow generation of about €25 million and an additional €15 million loan that was obtained from BPI France," Lukac added.

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