Moody’s upgrades Maxeda

Moody’s Investors Service said it upgraded the corporate family rating of Maxeda DIY Holding BV to B2 from Caa1 and its probability of default rating to B2-PD from Caa1-PD.

The agency also upgraded the €475 million of guaranteed senior secured notes issued by Maxeda to B2 from Caa1. Maxeda will repay these notes with the proceeds of its new €420 million of guaranteed senior secured notes due 2026. Moody’s will withdraw the rating at that time. The B2 rating assigned to Maxeda’s new notes is unchanged.

Moody’s revised the outlook to stable from under review. This rating action concludes the review for upgrade started on Sept. 14, the agency said.

“The upgrade of the CFR to B2 follows the successful refinancing transaction that Maxeda completed recently. The upgrade reflects Maxeda’s improved credit metrics and liquidity position, following the solid operating performance of the company in the current fiscal year ending January 2021 (fiscal 2020), with consumers having increased their spending on home improvement projects,” Moody’s said in a press release.

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