Moody's boosts Belron

Moody's Investors Service said it upgraded to Ba2 from Ba3 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 €665 million backed senior secured revolver issued by Belron Finance Ltd.

The agency also raised the corporate family rating to Ba2 from Ba3 and the probability of default rating to Ba2-PD from Ba3-PD of Belron Group SA.

“The rating upgrade reflect Moody's expectation of continued strong performance with Moody's adjusted EBITDA margins maintained at 22%-23% in 2022 and alongside strong cash flow generation. The rating action also reflects the evolution of Belron's competitive position with market share gains in the U.S. and across most of its key markets. Moody's also positively notes Belron's resilience during the pandemic, when despite the government restrictions and temporary reduction in revenues the company managed to further improve margins and absolute amount of profits,” the agency said in a press release.

The outlook remains stable.

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