Moody's eyes Azelis for upgrade

Moody's Investors Service said it placed Azelis Holding Sarl’s B3 corporate family rating and B3-PD probability of default rating and the B2 ratings on the loan facilities that have been issued by Azelis Finance Sarl and Azelis UK Holdings Ltd. under review for upgrade.

Azelis' IPO process triggered the ratings review for upgrade, which is very likely lead to a substantial and sustained improvement in its credit quality, mostly due to a substantial reduction of its overall debt load. “We expect that, as part of the IPO, all currently rated debt instruments will be fully repaid, and that Azelis' ratings will be withdrawn following the successful consummation of the entire IPO process,” Moody’s said in a press release.

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