Moody's changes gategroup view to positive

Moody's Investors Service said it changed the outlook on the ratings of gategroup Holding AG to positive from stable and affirmed the company's B1 corporate family rating, B1-PD probability of default rating and the B1 rating of €350 million senior notes due 2019 issued by gategroup Finance (Luxembourg) SA.

The change in outlook reflects Moody's expectations that the company's credit metrics will gradually improve in the course of 2015 following the recent refinancing of the revolving credit facility on more favorable terms and the announced partial repayment of €100 million of senior notes.

The agency said the positive outlook is also supported by favorable airline industry growth prospects that should result in some organic growth because of greater demand of catering services.

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