This week Moody’s Investors Service announced a rating upgrade to B2 from B3 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.
In announcing this upgrade, Carlos Winzer, Moody’s Senior Vice President, and lead analyst for Melita states, “The upgrade to B2 reflects Melita’s strong operating performance since initial rating assignment and despite the challenging operating environment caused by the pandemic.
In its ‘Ratings Rationale’ Moody’s states that Melita’s B2 rating reflects:
- its leading position in Fixed Broadband and Pay-TV segments with a challenger position in the Maltese mobile market
- its fully convergent offering supported by a high-quality broadband network, and rich Pay-TV content
- Moody’s expectation of continued growth in revenue and EBITDA supported by enhanced network quality and growth prospects in the B2B market
- its good liquidity profile
- Moody’s expectation that the company will maintain a deleveraging trajectory in the absence of aggressive shareholder remuneration policies.
For more information on ratings provided by Moody’s go to https://ratings.moodys.com/ratings-news
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