Moody’s upgrades Lock Lower, notes, loan

Moody's Investors Service said it upgraded the long-term corporate family rating of Lock Lower Holding AS, the parent company of Lindorff AB, to Ba2 from B2.

The agency also upgraded the ratings assigned to debt issued by Lock AS, a subsidiary of Lock Lower Holdings: Senior secured notes with a combined equivalent amount of €1.5 billion were upgraded to Ba2 from B2 and the €430 million revolving credit facility was upgraded to Ba1 from B1.

Additionally, Moody's upgraded the ratings assigned to the two senior notes with a combined equivalent amount of €440 million issued by Lock Lower Holding to B1 from Caa1.

The outlook was changed to positive.

Moody’s said the action follows the completion of Lindorff's merger with Intrum Justitia AB (Ba2 CFR; positive outlook) on June 27 and concludes the review on Lindorff's ratings that has been in place since the merger plans were announced on Nov. 14, 2016.

Following the completion of the merger between Lindorff and Intrum Justitia, the agency has aligned the corporate family rating of both Lindorff and Intrum Justitia at Ba2 based on the pro-forma financials of the combined Intrum and Lindorff.

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