Moody’s changes Stork outlook to positive

Moody's Investors Service said it affirmed Stork Technical Services Group BV's corporate family rating at Caa1 and probability of default rating at Caa1-PD.

The agency also affirmed the rating of Stork Technical Services Holdco BV’s senior secured €273 million notes due 2017 at Caa2.

The outlook was changed to positive from negative.

Moody’s said the outlook change reflects the improving operating performance to date in FY2014, driven by growth in Americas and signs of stabilization in business from the chemicals sector and the Power Services division, the restructuring program progressing ahead of management plans, and ending Q2 2014, which tends to exhibit significant cash outflows, with better liquidity than the agency expected in October 2013, bolstered by a resetting of covenants and improving cash availability under the revolving credit facility in late 2013.

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