Moody’s upgrades KOKS, notes

Moody's Investors Service said it upgraded PJSC KOKS’ corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

At the same time, the agency upgraded the senior unsecured rating of the outstanding $77 million loan participation notes due 2018 issued by KOKS Finance DAC to B2 (LGD 4) from B3.

Concurrently, Moody's assigned a definitive senior unsecured rating of B2 (LGD 4) to KOKS Finance's $500 million loan participation notes due 2022.

The outlook is positive. This action concludes the review of KOKS' ratings initiated on April 18.

"Today's upgrade factors in KOKS' improved liquidity, with its debt maturities and other obligations covered until at least the end of 2018 following the success of its most recent round of refinancing," Moody’s vice president, senior credit officer Artem Frolov said in a news release.

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