Moody's revises Eviosys' outlook to positive

Moody's Ratings said it affirmed the corporate family rating of Titan Holdings II BV (Eviosys) at B3 and probability of default rating at B3-PD, as well as the B2 ratings of senior secured term loan B due 2028 and the senior secured revolving credit facility due 2028 issued by Kouti BV.

Moody's also affirmed the Caa2 rating of backed senior subordinate notes due 2029 issued by Titan Holdings II BV.

The outlook was changed to positive from stable.

“Today's rating action reflects Eviosys’ consistently strong performance in varied market conditions, the growth of its EBITDA margin towards mid-to-high teens, and a track record of deleveraging since the rating was assigned in 2021 with debt/EBITDA at 6.4x in 2023, slightly below the upgrade guidance of 6.5x, despite having taken out dividends in 2023 and 2022,” Moody’s said in a news release.

“Counterbalancing these strengths, Eviosys' free cash flow (FCF) was negative in 2023 owing to the dividend payment in excess of €350 million; absent the dividend, FCF/Debt would have been 4.5%, approaching the 5% upgrade guidance.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.