Moody’s rates Auris loan B1

Moody's Investors Service said it affirmed the B2 corporate family rating and the B2-PD probability of default rating assigned at Auris Luxembourg II SA, the holding company for Sivantos and its subsidiaries (formerly Siemens Audiology Solutions).

Concurrently, the agency affirmed the B1 instrument rating of senior secured bank facilities borrowed at Auris Luxembourg III Sarl, and the Caa1 instrument rating assigned to the €275 senior unsecured notes issued at Auris Luxembourg II SA.

Moody's also assigned a provisional B1 instrument rating to the new term loan B borrowed by Auris Luxembourg III Sarl.

The outlook on all ratings was changed to positive from stable.

The actions follow significant deleveraging since closing of the original acquisition of the company and Moody’s expectation of continued strong performance over the next 12 to 18 months.

The outlook was changed despite the announcement of a refinancing amendment process by the company.

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