Moody's alters Axilone view to positive

Moody's Investors Service said it changed to positive from negative the outlook on CCP Lux Holding Sarl (Axilone). The agency also affirmed the company's B3 corporate family rating, the B3-PD probability of default rating and the B3 rating on its senior secured bank credit facilities.

"The outlook change to positive reflects the strong recovery in Axilone's operating performance in 2021, supported by a rebound in the global demand for make-up, skin care and fragrances. This recovery has led to a significant reduction of the company's gross leverage ratio," said Donatella Maso, a Moody's vice president, senior analyst and lead analyst for Axilone, in a press release.

"It also reflects our expectation that the positive momentum will be sustained despite raw material price increases, FX volatility and the uncertain evolution of the pandemic, and that the company will further reduce its gross leverage to below 5.5x in the next 12 to 18 months, while maintaining positive free cash flow generation," Maso added.

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