Moody’s upgrades Ontex

Moody’s Investors Service said it upgraded Ontex Group NV’s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.

Moody’s also said it upgraded the instrument ratings to Ba2 from Ba3 on its €250 million senior secured notes, €380 million senior secured first-lien facility and €100 million senior secured revolving credit facility.

The outlook is stable.

The ratings reflect the company’s leading market position in the production of retailer-brand hygienic disposable products in Europe, continuing product and geographical diversification driven by double-digit revenue growth in emerging markets and track record of profitability, Moody’s said.

The ratings also consider its exposure to commodity-price fluctuations, price-competitive nature of the industry, customer concentration and exposure to foreign-exchange rate movements, the agency said.

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