Moody's affirms Globaltrans credit rating following the acquisition of Metalloinvesttrans
Globaltrans Investment PLC (“Globaltrans” or the “Company”, and together with its consolidated subsidiaries, the “Group”; LSE ticker: GLTR) has had its credit rating affirmed by Moody's following the Company's announcement on 27 April 2012 of its decision to acquire 100% of LLC Metalloinvesttrans (“MIT”) for USD 540 million on a debt and cash free basis.
Moody’s leaves Globaltrans’ credit rating at Ba3 with a positive outlook, retaining a potential for an upgrade over the next 12-18 months.
While the credit agency considers the decision to be credit neutral, it recognises that the acquisition will be beneficial for Globaltrans’ business profile. Moody’s said its rating reflects its confidence in the management’s commitment to keep the leverage under control, maintaining a strong financial position for the Group as a whole.