Moody’s revises Dry Mix to stable

Moody's Investors Service said it changed the outlook on Dry Mix Solutions Investissements SAS' (Parex) ratings to stable from negative and affirmed the B1 corporate family rating and the Ba3-PD probability of default rating.

Concurrently, the agency affirmed the B1 (LGD5) ratings on the group's €550 million senior secured floating-rate notes due 2021 and senior secured €150 million floating-rate notes due 2023.

Moody’s said the stabilization of the outlook recognizes Dry Mix’s robust operating performance through the first three quarters of 2016 and credit metrics strengthening to levels that the agency considers adequate for the affirmed B1 corporate family rating.

The action follows the change in the outlook on Dry Mix’s ratings to negative from stable in March 2016, after the group's refinancing and issue of €150 million new floating-rate notes to fund a dividend payment to its shareholder and a partial redemption of a shareholder loan.

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