22nd Apr 2024 09:15
(Alliance News) - Helios Towers PLC on Mondays said that Moody's Investors Service has upgraded its long-term corporate family rating from B2 to B1, with a stable outlook.
According to the London-based telecommunications infrastructure company, the rating on its 7.0% senior notes, due 2025, was also upgraded to B1.
The upgrade came as a result of Moody's view that Helios Towers' credit profile has "sustainably improved", following a successful deleveraging last year, and improved free cash flow outlook from 2024.
The ratings action has also been supported by the firm's record of "strong organic growth in dollar terms, demonstrating its effective mitigations from local currency depreciation, and an improved sovereign profile", Helios said.
Helios Towers shares were trading 1.6% higher at 98.00 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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