Moody's upgrades Argus Media

Moody's Investors Service said it upgraded Fleet Midco I Ltd.'s (Argus Media) corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD. The agency also raised to B1 from B2 instrument ratings of the $500 million backed senior secured term loan due 2026 and the £50 million backed senior secured revolving credit facility due 2026, both issued by Fleet Bidco Ltd.

“The upgrade of Argus Media's CFR to B1 from B2 reflects the group's consistently improved credit metrics over the past three years, driven by a strong and resilient operating performance in times of a very difficult macroeconomic environment. The group's leverage has consistently decreased over the past three years and has most recently reached the low of 3.7x Moody's-adjusted debt/EBITDA, based on the last 12 months (LTM) period to March 31, 2022. The deleveraging trajectory was supported by good EBITDA growth with a very high Moody's-adjusted EBITDA margin of over 43% for the same period,” the agency said in a press release.

The outlook remains stable.

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