Moody's raises Taghleef

Moody's Investors Service said it upgraded Taghleef Industries Topco Ltd.’s corporate family rating to Ba2 from Ba3, the probability of default rating to Ba2-PD from Ba3-PD, the instrument ratings on the €340 million backed senior secured term loan and the $75 million backed senior secured revolving credit facility both due 2026, borrowed at Taghleef BV and other subsidiaries.

“Today's rating action reflects Taghleef's strong performance track record in line with Moody's upgrade guidance combined with consistently conservative financial policies. The upgrade also incorporates Taghleef's successful management of the business during the pandemic as well as the rapid rise in input costs thereafter.

“In addition, Taghleef benefits from defensive end markets (primarily food) and a global footprint. Counterbalancing these strengths are Taghleef's smaller size and focus on a single substrate, private ownership and a past history of leveraged acquisitions although followed by debt reduction,” Moody’s said in a press release.

The outlook remains stable.

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