Moody's upgrades Legrand

Moody's Investors Service said it has upgraded Legrand Holding SA's corporate family rating to Ba1 from Ba2.

The upgraded ratings also include Legrand Holding's $350 million 10½% senior notes due 2013 to Ba2 from B1, €277.5 million 11% senior notes due 2013 to Ba2 from B1 and Legrand SA's $400 million Yankee bonds due 2025 to Ba1 from Ba3.

The outlook remains positive, reflecting the steady improvement in the company's credit profile since being acquired in a leveraged buyout in December 2002, Moody's said.

The upgrade reflects the company's strong organic growth particularly since 2004 and its demonstrated resilience to market downturns, as reflected in stable margins being maintained in recent years, Moody's said.

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