Business Services Industry
MOODY'S UPGRADES JETFINANCE INTL'S LONG-TERM ISSUER AND SENIOR UNSECURED DEBT RATINGS
Info-Prod Research (Middle East), December, 2007
Moody's Investors Service has upgraded thelong-term issuer rating of JetFinance International (JFI) to Ba3 from B2following its acquisition by BNP Paribas' consumer credit unit --Cetelem. At the same time, the long-term senior unsecured debt ratingassigned to JFI's medium-term note (MTN) programme, as well as the debtissued under the programme, were also upgraded to Ba3 from B2. Theseupgrades conclude the review of the ratings initiated on 7 August 2007,when the proposed transaction was publicly announced. Cetelem's acquisition of JFI is viewed as strategic and in line with its target of expanding its operations in Eastern Europe. Nonetheless, givenJFI's limited (albeit highly successful) history, the company's still lowstandalone rating and the lack of an explicit and legally...
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