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Moody's upgrades BME
Moody's Investors Service said it raised the corporate family rating of BME Group Holding BV to B2 from B3 and the probability of default rating to B2-PD from B3-PD. Concurrently Moody's upgraded to B2 from B3 the ratings of the backed senior secured first-lien credit facilities, consisting of a €180 million backed senior secured first-lien term loan due 2025, a €1.47 billion the backed senior secured first-lien term loan B due 2026 and a €195 million backed senior secured first-lien revolver due 2025.
“The upgrade of the CFR to B2 reflects BME' strong performance in 2021, which resulted in a faster pace of deleveraging compared to our expectations with Moody's adjusted gross debt/EBITDA of 5.8x in the last-12 months (LTM) ending September 2021, pro-forma acquisitions. The upgrade also reflects BME's track record in executing its strategy and growing earnings demonstrated since the outbreak of the coronavirus pandemic as well as our expectations that the company will maintain gross leverage around 6x over the next 12-18 months,” said Marcell Pavesi, Moody’s lead analyst for BME, in press release.
The outlook remains stable.
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