Moody’s upgrades Trionista, loans, notes

Moody's Investors Service said it upgraded Trionista TopCo GmbH’s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Trionista is the intermediate holding company of ista International GmbH.

Concurrently, the agency upgraded the rating on the €525 million subordinated notes (due 2021) issued by Trionista TopCo to B3 (LGD5) from Caa1 (LGD6) and the ratings on the €1.45 billion senior secured credit facilities and €350 million senior secured notes (due 2020) issued by Trionista HoldCo GmbH to Ba3 (LGD3) from B1 (LGD3).

The outlook on all ratings is stable.

"The upgrade of ista's CFR to B1 acknowledges the group's continued robust financial performance and gradual improvements in its Moody's-adjusted credit metrics in 2014 and the first six months of 2015. Given the sustained growth in revenues and earnings fuelled by rising demand for energy services both in Germany and important foreign regions of ista, the group's leverage as adjusted by Moody's reduced to 6.6x debt/EBITDA in the 12 months ended 30 June 2015, in line with our requirements for a higher rating," Goetz Grossmann, Moody's lead analyst for ista, said in a news release.

"While leverage point in time remains high and positions ista initially weakly in its rating category, the rating upgrade also reflects the group's track record of solid free cash flow generation which totaled €76 million on a rolling 12-months basis as of June 2015 and which was consistently positive over the last five years."

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