Moody's moves Urbaser view to positive

Moody's Investors Service said it changed the outlook on Luna III Sarl, the holding company of Urbaser SAU, to positive from stable. Concurrently, Moody's affirmed Luna III's B1 corporate family rating and B1-PD probability of default rating, as well as the B1 ratings on its senior secured term loan due 2028 and senior secured revolving credit facility due 2027.

“The positive outlook reflects Urbaser's solid operating performance during 2022 and Moody's expectation of ongoing strong performance this year. During 2022, Urbaser grew its revenues to above €3 billion, an increase of around 19% compared to 2021, which was also above Moody's initial expectations. Benefiting from a degree of operating leverage, the strong top-line growth allowed Urbaser to further improve its profitability with an EBITDA margin now reaching the high teens in percentage terms,” the agency said in a press release.

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