Moody's stabilizes outlook for GKN

Moody's Investors Service said it changed the outlook of GKN Holdings Ltd. to stable from negative. Concurrently, Moody's affirmed the Ba1 instrument ratings on the outstanding bonds issued by GKN and guaranteed by its parent, Melrose Industries plc.

“The stabilization reflects the debt reduction and accelerated deleveraging through disposal proceeds as well as the company's ongoing performance recovery and progress on margin expansion. Moody's now expects Melrose's Moody's-adjusted debt EBITDA to fall to around 3.1x for 2021 pro-forma for the disposals and use of proceeds, from 5.7x for 2020,” the agency said in a press release.

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