Moody’s raises Belron

Moody’s Ratings said it upgraded to Ba1 from Ba2 the instrument ratings on all the outstanding backed senior secured term loans issued by Belron Finance 2019 LLC, Belron Finance US LLC, Belron Luxembourg Sarl and on the €705 million backed senior secured revolving credit facility in the name of Belron Finance Ltd.

Concurrently, the agency raised Belron Group SA’s corporate family rating to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD.

“The upgrade of Belron's CFR to Ba1 from Ba2 follows the company's strong revenue growth and improved Moody's Ratings-adjusted EBITDA margin during 2023, and reflects Moody's Ratings' expectations that (1) the company's operating performance will continue to sustainably improve over the next 12-18 months as a result of further price increases, higher recalibration penetration and cost savings; and (2) the company will continue to adhere to its financial policy which requires net leverage (as reported by the company) to remain below 3x in 2025, with any further dividend payments not leading to net leverage beyond that level already by year-end 2024,” Moody’s said in a press release.

The outlook remains stable.

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