Moody’s raises Minimax CFR, loans to B1

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

At the same time, the agency upgraded the ratings on the group's senior secured credit facilities to B1 (LGD3-44%) from B2 (LGD3-45%).

The outlook remains stable.

"Today's upgrade of Minimax recognizes the groups sound operating performance and faster-than-expected improvement in its credit metrics during the last 12 months," Goetz Grossmann, Moody's lead analyst for Minimax, said in a news release.

"The rating action also reflects our expectation that Minimax will be able to reduce its Moody's adjusted leverage to below 5x debt/EBITDA over the next 18-24 months supported by a continued growth in earnings and solid positive free cash flow generation that will be applied to debt reduction."

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