Moody’s changes Nidda view to positive

Moody’s Investors Service said it revised its outlook for Nidda BondCo GmbH (Stada) and Nidda Healthcare Holding GmbH to positive from stable and affirmed its ratings, including the Caa2 instrument ratings of the backed senior secured second-lien global notes due in 2025 issued by the company, and the B3 instrument ratings of the senior secured term loans, the senior secured revolving credit facility and the backed senior secured global notes, borrowed by Nidda Healthcare.

“The change in outlook to positive primarily reflects Moody's expectation that Stada will continue to have strong operating performance that will lead to a continued improvement of key credit metrics, over the next 12-18 months,” the agency said in a press release.

Additionally, the agency said it forecasts that Stada’s Moody's-adjusted gross leverage will move towards 6x, with positive Moody's-adjusted free cash flow generation of around €65 million-€75 million.

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