Moody’s raises Atalian, notes

Moody's Investors Service said it upgraded La Financiere Atalian SA’s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and €250 million senior unsecured notes maturing in 2020 to B2 from B3.

The outlooks are stable.

"Our decision to upgrade Atalian's rating reflects a reduction in the company's adjusted debt, following an update to Moody's approach for capitalizing operating leases," Knut Slatten, Moody's assistant vice president and lead analyst for Atalian, said in a news release.

Moody’s said the action principally reflects significant improvements to Atalian's key credit metrics following changes to Moody's approach for standard adjustments for operating leases. For example, Atalian's lease adjusted gross debt/EBITDA ratio was 4.5 times in financial year 2014 (to August), when considering the revised methodology.

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