Moody’s revises Minimax to positive

Moody's Investors Service said it changed the outlook on its ratings for Minimax Viking GmbH and its rated subsidiaries, Minimax GmbH & Co. KG and MX Holdings US, Inc., to positive from stable.

Concurrently, the agency affirmed the B1 corporate family rating and B1-PD probability of default rating, as well as the B1 (LGD3) rating on the group's senior secured credit facilities.

"Today's outlook change to positive reflects Minimax's sound operating performance over the first nine months of 2015 which particularly benefitted from higher than expected demand in the U.S. product business and a continued healthy environment across its key European markets. With sales and reported EBITDA before unusual items outstripping prior year's numbers by around 17% and 18% during this period, respectively, Minimax's credit metrics have improved strongly and close to levels that we consider appropriate for an upgrade," Goetz Grossmann, Moody's lead analyst for Minimax, said in a news release.

"The positive outlook indicates the likelihood of an upgrade over the next 12 months, which mainly depends on Minimax's ability to sustainably reduce its Moody's-adjusted debt/EBITDA ratio toward 4x."

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