Moody's alters Selecta outlook to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the Caa1 corporate family rating and the Caa1-PD probability of default rating of Selecta Group BV. The agency also affirmed the Caa1 rating of the backed senior secured first-lien notes due 2026, the Caa3 rating of the backed senior secured second-lien notes due 2026 and the B1 rating of the €150 million backed super senior secured revolving credit facility due 2026.

“The ratings affirmation and changed outlook to stable reflects the progress Selecta has made in improving its business since the restructure in October 2020 that included a debt for equity swap. Although the pandemic impacted performance throughout the year the company generated net sales of €1.04 billion in 2021 reaching 73% of 2019 levels, with Q4 2021 net sales at 79% of pre-covid levels. Moody's expects net sales and EBITDA to continue recovering reaching pre-covid levels by year end 2024,” the agency said in a press release.

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