Moody's boosts Circet Europe

Moody's Investors Service said it upgraded to B1 from B2 Circet Europe SAS' €1.825 billion senior secured term loan B and €300 million senior secured revolving credit facility, both due in 2028, and assigned Circet US Holding LLC’s new $84 million senior secured term loan a B1 rating.

Concurrently, the agency said it raised Circet Europe’s corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD and changed the outlook to stable from positive.

"The rating upgrade reflects Circet's strong operating performance in 2022 and good growth prospects, the company's improvement in business profile, and the leverage reduction since the assignment of the initial rating," says Agustin Alberti, a Moody's vice president, senior analyst and lead analyst for Circet, in a press release.

"The company continues to execute a prudent M&A policy which has allowed to improve diversification and growth opportunities, without raising leverage levels," Alberti added.

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