Moody’s lifts Ontex IV

Moody's Investors Service said it upgraded Ontex IV SA’s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

The outlook is positive.

Concurrently, the agency upgraded the instrument rating of the senior secured notes to Ba3 and the senior unsecured notes to B3.

The action follows the IPO by Ontex Group NV, the holding company of the Ontex group of companies.

Moody’s said the upgrade reflects Ontex' expected adjusted leverage of around 4.5x at the end of 2014, with a track record of profitability improvement as a result of a cost restructuring program, the favorable industry fundamentals and the company's recent solid trading performance and cash flow generation.

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