Moody’s raises Coherent, facility to Ba1

Moody's Investors Service said it upgraded Coherent Holding GmbH's corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD, senior secured bank facility to Ba1 from Ba2 and speculative grade liquidity rating to SGL-1 from SGL-2.

The outlook remains stable.

Moody’s said the upgrades were driven by continued improvement in Coherent GmbH's operating performance and the agency’s expectation for further reductions in debt leverage as the company continues to capitalize on growing demand for its products, particularly from the Flat Panel Display sector which is in the early stages of a product cycle transition from LCD to OLED displays.

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