Moody's ups Legrand view to positive

Moody's Investors Service said it changed the outlook of Legrand Holding SA (formerly Fimep SA) and its subsidiaries to positive from stable. Legrand Holding SA is the indirect holding company of Legrand SA.

Concurrently, Moody's assigned Legrand Holding SA a Ba2 senior implied rating and a B2 issuer rating and affirmed the company's $350 million 10.5% senior notes due 2013 at B1 and €277.5 million 11% senior notes due 2013 at B1, as well as Legrand S.A.S.'s (formerly Fimaf SA) €1.4 billion senior secured credit facilities at Ba2. Moody's also affirmed Legrand SA's senior unsecured Ba3 rating on its $400 million 8.5% debentures.

Moody's said the outlook change reflects Legrand's progress in improving its operating margins and de-leveraging its business through strong internal cash flow generation since the leverage buy-out of the company by a private equity consortium in December 2002, despite the weak operating environment in 2003.

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