Moody's affirms Colt

Moody's Investors Service said it affirmed Colt Group SA's Ba3 corporate family and probability of default ratings.

The outlook was changed to stable from positive.

The outlook revision reflects Colt's weaker-than-expected operating performance, negative free cash flow generation during the first half of 2011 and the lack of clarity over the company's medium-term capital structure shareholder remuneration policy, Moody's said.

But, Colt's EBITDA margins have remained largely stable, supported by an increasing proportion of higher-margin revenue from the data and managed services division and efficient cost control, the agency said.

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