Moody's upgrades Consilio

Moody's Investors Service said it upgraded GI Revelation Acquisition LLC's (Consilio) corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.

Concurrently, Moody's upgraded the company's first-lien senior secured credit facility (revolver and term loan) to B2 from B3 and its second-lien senior secured term loan to Caa2 from Caa3. The agency changed the outlook to stable from negative.

“The upgrade to B3 CFR reflects higher than Moody's forecasted revenue and earnings over 2020, due to a faster industry rebound and Consilio's ability to effectively manage costs and working capital amid the Covid-19 pandemic. Moody's also expects that revenue and earnings will normalize over the next several quarters, such that debt-to-EBITDA leverage (Moody's adjusted) over the next 12-18 months will improve close to 5x, with a good liquidity position,” the agency said in a press release.

The outlook reflects the view a portion of the company's cost actions taken amid the pandemic will be permanent and will lead to an improved credit profile going forward, Moody's said.

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