Moody's ups Ceva

Moody's Investors Service said it upgraded Financiere Mendel SAS' (Ceva) corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Financiere Mendel SAS is the parent company of global veterinary health company Ceva Sante Animale.

Concurrently, Moody's boosted to B2 from B3 the guaranteed senior secured rating of Ceva's debt facilities, comprising a €2 billion guaranteed senior secured term loan B, a €50 million guaranteed senior secured acquisition & capital expenditures facility, both maturing in 2026, and a €100 million guaranteed senior secured revolving credit facility maturing in 2025, borrowed by the company and its subsidiary Ceva Sante Animale.

"The upgrade to B2 reflects the company's solid operating performance in 2021 and the continued positive earnings momentum for the next 18-24 months, supported by favorable industry fundamentals," said Lorenzo Re, a Moody's vice president, senior analyst and lead analyst for Ceva, in a press release.

"The rating upgrade also reflects our expectation that the company will follow a more prudent financial policy, with higher focus on deleveraging versus shareholder distributions," added Re.

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