Moody's lifts GLP view to stable

Moody's Investors Service said it changed to stable from negative the outlook on GLP Pte. Ltd.

Moody's also said it affirmed the company's Baa3 issuer rating, the provisional Baa3 rating on its senior unsecured medium-term note program and the Baa3 senior unsecured rating on the notes issued under the program.

The outlook change reflects the decline in its leverage since March 2018 and an expectation that its leverage will continue to improve over the next one- to two-years, driven by the company's commitment to de-leveraging and steady earnings growth, Moody's said.

The ratings are constrained by GLP's private company status, which lowers its transparency, the agency said.

That factor is mitigated by the company's strong shareholders, growing financial services business in China and frequent acquisitions and high debt leverage, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.