Moody's ups Getty Images, rates converts Ba3

Moody's Investors Service said it assigned a Ba3 rating to Getty Images Inc.'s $263 million series B convertible subordinated debentures due 2023 and upgraded the senior implied to Ba2 from Ba3. The outlook remains positive.

Moody's also upgraded Getty's senior unsecured issuer rating to Ba3 from B1.

In December, the company completed an exchange offer in which it exchanged the new debentures and $0.3 million in cash for substantially all of its existing convertible subordinated debentures due 2023.

Moody's said the ratings upgrade reflects improved financial performance, strong free cash flow generation, significant short term liquidity and the company's position as a leading provider of digital imagery to businesses worldwide.

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