Moody's alters SAI Global view to positive

Moody's Investors Service said it changed SAI Global Holdings II (Australia) Pty Ltd.’s outlook to positive from negative and affirmed the Caa1 corporate family rating

At the same time, Moody's affirmed the Caa1 senior secured rating on SAI Global Holdings I (Australia) Pty Ltd.'s first-lien $325 million term loan B, the Caa1 senior secured rating on its first-lien A$255 million term loan B and the Ca senior secured rating on its second-lien A$160 million term loan facility. Moody's also changed its outlook to positive from negative.

SAI Global agreed to sell its assurance and standards businesses to Intertek Group plc for A$855 million and plans to use proceeds to prepay about A$816 million in loans.

"The change in outlook reflects our expectation that SAI Global's credit profile will improve as proceeds from the sale of its assurance and standards businesses are applied to debt reduction," says Maadhavi Barber, a Moody's analyst, in a press release.

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