Moody's ups Welltec secured notes to B1

Moody's Investors Service said it upgraded the rating for Welltec International APS' backed senior secured notes to B1 from B2. The outlook for Welltec remains stable.

“Welltec's strong operating performance and application of free cash flow to debt reduction, with expectations for incremental debt reduction in 2023, drove the upgrade,” the agency said in a press release.

Moody's also assigned a B1 long term corporate family rating, and a B1-PD long-term probability of default rating to Welltec. The agency concurrently withdrew Welltec A/S’ B2 CFR and B2-PD probability of default ratings and stable outlook.

The agency said it moved the ratings to Welltec International, which is now the top entity of the restricted group and issuer of the audited financial statements.

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