Moody’s lifts Bruneau

Moody's Investors Service said it upgraded Bruneau's (Boost Holdings 2) corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD. The agency also raised the issuer's ratings on the €305 million backed senior secured term loan B and €60 million backed senior secured revolving credit facility to B1 from B2.

"Our decision to upgrade Bruneau reflects the strengthening of the company's key credit metrics, the track record of successful execution of the business plan by the management team, above our expectations, and despite high inflation and a weaker macroeconomic backdrop," said Guillaume Leglise, a Moody's vice president, senior analyst and lead analyst for Bruneau, in a press release.

"The upgrade also reflects Bruneau's healthy free cash generation, which has been used equally to reduce debt and for shareholder distributions, which demonstrates a balanced financial policy," Leglise added.

The outlook remains stable.

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