Moody's lifts Open Text

Moody's Investors Service said it upgraded Open Text Corp.'s corporate family rating to Ba3 from B1.

Moody's said it also upgraded Open Text's senior secured loan facilities to Ba2 from Ba3.

The upgrade was driven by the continued growth in revenues, operating profits and free cash flow and reduction of debt ahead of plan, the agency added.

According to the agency, the outlook remains positive reflecting the general trends in the enterprise content management market and expectation of continued positive operating trends.

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