Moody’s lifts Vantiva (Technicolor)

Moody's Investors Service said it upgraded Vantiva SA's, formerly Technicolor SA, corporate family rating to Caa1 from Caa2 and its probability of default rating to Caa1-PD from Caa2-PD.

Moody's also changed the outlook to stable from ratings under review.

The agency said the action concludes the review initiated on Sept. 8, following the company's announcement that its shareholders approved the exceptional distribution of 65% of the capital of Technicolor Creative Studios SA in the form of dividend in kind.

Vantiva refinanced its €1.2 billion outstanding debt, which the company announced on Sept. 16, and subsequently reduced its debt load to €375 million.

Euronext decided on the admission of Technicolor Creative Studios' shares to trading on Sept. 13, allowing the distribution in kind of 65% of its shares and subsequent listing on Sept. 27.

Following the spinoff of Technicolor Creative Studios, Technicolor SA was renamed Vantiva SA effective Sept. 27.

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