Moody's may raise NOMA

Moody's Investors Service said it placed all ratings of NOMA Luxembourg SA, the direct owner of Sicpa Holding SA, on review for possible upgrade following the company's announcement that it plans to divest of its Packaging Inks division and use the cash proceeds received from the pending sale to reduce its debt.

Ratings on review include NOMA's B1 corporate family rating and its B3 rating on the €160 million 9.75% senior notes due 2011. Also on review are Sicpa Holding's CHF 220 million senior secured credit facilities, which have a Ba3 rating.

The review for upgrade reflects Moody's belief that Sicpa's credit metrics will be significantly enhanced as a result of this sale due to the immediate impact of a planned senior and local debt reduction and that, going forward, Sicpa's margins will further improve reflecting the company's exclusive focus on its security inks and product security businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.