Moody’s lowers Altran view to negative

Moody's Investors Service said it affirmed the Ba2 corporate family rating and Ba2-PD probability of default rating of Altran Technologies, a leading provider of engineering and research and development services.

The agency also said it affirmed the Ba2 ratings on the senior secured credit facilities, including the €250 million revolving credit facility and the €1.38 billion term loan issued by Altran Technologies, and the $300 million term loan issued by Octavia Holdco Inc.

The outlook on Altran was changed to negative from stable.

The outlook on Octavia is negative.

The negative outlook reflects the downside risks to an initial expectation of deleveraging to an adjusted debt-to-EBITDA of less than 4x within 12 to 18 months, Moody's said.

Moody's expects organic EBITDA growth, improved free cash flow and a reduction in short-term financing, which will support a material improvement in credit metrics, the agency said.

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