Moody's Upgrades Axtel

Moody's Upgrades Axtel

M&A

Moody's has upgraded Axtel to Ba2 (stable) from Ba3 based on a rapid improvement in the credit metrics to levels prior to the acquisition of Avantel, as well as expected improvements in free cash flow generation. This impacts Axtel's $162.5m 11% of 2013 notes and $275m 7.625% of 2017. The adjusted debt to Ebitda ratio is 2.3x, versus 3.8x just after the acquisition, which was completed in December 2006, says Moody's. Simultaneously, interest coverage as per funds from operations plus interest ex

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