Moody’s upgrades Corialis, loans

Moody's Investors Service said it upgraded Alu Holdco 1 Ltd.’s (Corialis) corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, the agency upgraded the instrument ratings of the company's €25 million revolving credit facility, the €35 million capital expenditure facility, both due 2020, as well as the €318 million first-lien facility due 2021 to Ba3 from B1, and the instrument rating of the €105 million second-lien facility due 2022 to B3 from Caa1.

All facilities are issued by Alu Holdco 2 Ltd., a wholly owned subsidiary of Alu Holdco 1.

The outlook is stable.

"The upgrade to B1 has been triggered by the company's strong current trading and our expectation that the company's completion of its vertical integration project in the UK will drive further de-leveraging with Moody's adjusted gross leverage sustainably below 5.0x by year-end 2016," Pieter Rommens, Moody's lead analyst for Corialis, said in a news release.

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