Moody's upgrades Arena Luxembourg

Moody's Investors Service said it upgraded the corporate family rating of Arena Luxembourg Investments Sarl to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD. Additionally, the agency raised the ratings of Arena Luxembourg Finance Sarl's backed senior secured notes to Ba3 from B1.

The outlook on Arena and Arena Finance remains stable.

“The rating upgrade with a stable outlook reflects Arena's successful deleveraging and Moody's expectation that Arena will be able to maintain credit metrics in line with the Ba3 rating, namely a funds from operations (FFO)/debt ratio of over 10% and a Moody's adjusted debt/EBITDA ratio of less than 7.5x, over the foreseeable future,” the agency said in a press release.

Moody’s noted Arena's like-for-like revenues rose by 11% YOY to reach €145.9 million in the nine months of 2023, and total like-for-like revenues stood at around 13.5% above the 2019 levels. “The improvement was driven by a strong recovery in traffic, Arena's ability to pass through inflation on the vast majority of its portfolio, and successful implementation of its business strategy focused on digital penetration and product segmentation amid challenging market conditions.”

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