Moody’s ups ASM Global

Moody’s Investors Service said it raised ASM Global’s (SMG US Midco 2, Inc.) corporate family rating to B2 from Be and its probability of default rating to B2-PD from B3-PD. The agency also upgraded the ratings on the company's first lien credit facilities including the $578 million term loan to B2 from B3. The $96 million senior secured first lien revolving credit facility was also upgraded to B2 from B3 for SMG Holdings, LLC.

“The rating actions reflect the strong recovery of in-person events and venue activity over the past 12-18 months since the pandemic abated that has resulted in improved operating performance and cash flow for the company. Moody's expects that debt to EBITDA leverage will remain below 6x and the company will have good liquidity and generate free cash flow, over the next 12-18 months,” the agency said in a press release.

The outlook remains stable.

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