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Moody’s upgrades HellermannTyton
Moody's Investors Service said it upgraded HellermannTyton Group plc’s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.
The outlook is stable.
Moody’s said the upgrade to Ba2 follows HellermannTyton's very robust and stronger than anticipated operating performance during the first half of 2014, resulting in credit metrics which Moody's believes position the group solidly in the Ba2 rating category. Thanks to a solid increase in the group's EBITDA as adjusted by Moody's to €106 million in the 12 months ended June 30 (€98 million in 2013), HellermannTyton's adjusted leverage reduced to 2.3 times debt/EBITDA from 2.7 times in 2013.
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