Moody’s upgrades Oxea

Moody's Investors Service said it upgraded Oxea Sarl’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

In addition, the agency affirmed at B2 the rating on the first-lien senior secured credit facility at Oxea's subsidiary Oxea Finance & Cy SCA.

The outlook on all ratings remains stable.

Moody’s said the upgrade reflects Oxea's improved credit metrics after its second-lien senior secured credit facility due 2020 was repaid with a $325 million cash injection from its shareholder, Oman Oil Co. (unrated), leading to an estimated $27 million reduction in interest expense going forward.

It also reflects the credit positive support from Oman Oil in the context of Oxea's continued weak operating performance since the completion of its acquisition from private-equity firm Advent International Corp.

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