Moody’s ups Avast, rates loans Ba1

Moody’s Investors Service said it upgraded Avast Holding BV’s corporate family rating to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD.

Concurrently, Moody’s assigned Ba1 ratings to the new $723 million equivalent senior secured term loan B maturing 2028 as well the new $40 million senior secured revolving credit facility maturing in 2026 issued by Avast Software BV. The agency also assigned Ba1 instrument rating to the new $114 million senior secured term loan B maturing in 2028 issued by Sybil Software LLC.

“We have upgraded Avast to Ba1 with a stable outlook following a strong performance in 2020 with continued high profitability levels and our expectation that the trajectory will continue into 2021, which will provide good deleveraging potential that the company has constantly used to voluntarily repay outstanding debt in the past,” the agency said n a press release.

Moody’s changed the outlook on all three issuers to stable from positive. The outlook reflects a forecast Avast will continue growing its paying user base organically and maintain its high margins while preserving its financial policy, the agency said.

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