Moody's changes Aenova outlook to stable

Moody's Investors Service said it changed its outlook for Apollo 5 GmbH (Aenova) to stable from negative and affirmed its B3 ratings.

The agency also affirmed the B3 instrument ratings of the €565 million senior secured first-lien term loan B due in March 2026, and the €50 million senior secured revolving credit facility due in September 2025, borrowed by Aenova Holding GmbH.

“The change in outlook to stable primarily reflects Aenova's improved operating performance and recovery in EBITDA margin, which have led to key credit metrics more in line with Aenova's B3 rating category. Over the next 12-18 months, Moody's expects that the company's Moody's-adjusted gross leverage will trend below 6x, with adequate interest coverage of around 1.5x (Moody's-adjusted EBITA to interest expense). The above will depend on the company's ability to continue improving operating performance and deliver on the recent increased demand for its products and new business wins,” the agency said in a press release.

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