Moody's upgrades Melita

Moody's Investors Service said it upgraded to B2 from B3 the ratings on Melita Ltd.’s €275 million senior secured term loan and the €20 million senior secured revolving credit facility, both due in 2026.

Concurrently, the agency assigned a B2 corporate family rating and a B2-PD probability of default rating to Melita, and withdrew the B3 CFR and B3-PD PDR at Melita BidCo Ltd. The outlook on the ratings of Melita Ltd. remains stable.

"The upgrade to B2 reflects Melita's strong operating performance since initial rating assignment and despite the challenging operating environment caused by the pandemic," said Carlos Winzer, a Moody's senior vice president and lead analyst for Melita, in a press release.

"As a result, its leverage has reduced from 6.3x in 2019 to 5.7x in 2021, and we expect the company to further de-lever supported by its strong market position, high margins and positive free cash flow generation," Winzer added.

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