Moody's lifts Peugeot from junk

Moody's Investors Service said it assigned a long-term issuer rating of Baa3 to Peugeot SA.

The agency also said it upgraded the company's senior unsecured ratings to Baa3 from Ba1 and short-term ratings to provisional prime-3 from provisional not-prime.

Moody's also said it upgraded GIE PSA Tresorerie's senior unsecured rating to Baa3 from Ba1 and its commercial paper to prime-3 from not-prime (NP).

The outlook has changed to stable from positive.

Moody's also said it withdrew the company's corporate family rating of Ba1 and probability of default rating of Ba1-PD following its upgrade to Baa3 as per its practice for corporations with investment-grade ratings.

Moody's said it then decided to withdraw all of the ratings for business reasons.

The company's belated, but successful, push into the fast-growing sport utility vehicle segment and its efforts to streamline and refresh its overall product line-up have resulted in increasing market share in Europe.

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