Moody’s Investors Service (“Moody’s”) has today upgraded to B2 from B3 the rating
on the €275 million senior secured term loan (TL) and the €20 million senior secured revolving credit facility (RCF), both due in 2026, raised by Melita Limited (“Melita” or “the company”), the holding company for Maltese telecom operator Melita.
Concurrently, Moody’s has assigned a B2 corporate family rating (“CFR”) and a B2-PD probability of default rating (“PDR”) to Melita Limited, and withdrawn the B3 CFR and B3-PD PDR at Melita BidCo Limited. The outlook on the ratings of Melita Limited 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,” says Carlos Winzer, Moody’s Senior Vice President, and lead analyst for Melita.
“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,” adds Mr. Winzer.
