Moody's ups Anacap secured rating to B2

Moody's Investors Service said it upgraded AnaCap Financial Europe SA Sicav-Raif's (AFE) backed senior secured debt ratings to B2 from B3. The agency also affirmed AFE's B2 corporate family rating and changed the issuer outlook to positive from stable.

The rating action follows AFE's announcement it plans to sell €350 million of senior secured notes with a final maturity of 2027, the agency said.

“The upgrade of AFE's backed senior secured debt to B2 from B3 is driven by loss-given-default (LGD) considerations related to the anticipated changes in its liability structure, given the increased preponderance of senior secured term debt, and reflects the application of Moody's loss given default for speculative-grade companies methodology, published in December 2015,” Moody’ said in a press release.

The positive outlook reflects AFE's significantly improved financial performance in 2021, after a pandemic-induced deterioration in 2020, the agency noted.

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