Moody's rates Azelis add-on B2

Moody's Investors Service said it gave a B2 rating to Azelis UK Holdings Ltd.’s planned €330 million first-lien term loan add-on.

Concurrently, the agency changed the outlook to positive from stable on Azelis Holding Sarl, Azelis UK and its guaranteed subsidiary Azelis Finance Sarl. Moody's also affirmed all these entities ratings, including Azelis' B3 corporate family rating and B3-PD probability of default rating.

“Today's change of the outlook to positive and the affirmation of Azelis' B3 CFR and B3-PD PDR recognizes the company's track record of strong operational performance ahead of the rating agency's expectations that continued through the pandemic. Despite some exposure to cyclical industrial end markets hit by the pandemic, in 2020 Azelis managed to increase its EBITA, as reported by the company, by 10% year-on-year and, therefore, to further reduce its Moody's adjusted gross leverage from 6.9x in 2019 to 6.6x, while increasing its cash balances,” the agency said in a press release.

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