CEVA Logistics upgrade by S&P Global Ratings

S&P Global Ratings (S&P) has today upgraded CEVA Logistics Group’s long-term issuer rating to BB- with positive outlook. 
The initial public offering (IPO) of CEVA on the Swiss stock exchange took place on May 4.
The S&P upgrade by three notches is based on the deleveraging as a result of the IPO as well as the improvements in operating results.
This follows an upgrade of CEVA’s corporate rating by four notches to B1 by Moody’s Investors Service (Moody’s) last week.
CEVA has repaid indebtedness with the proceeds from the IPO and plans to replace the majority of its remaining debt facilities through a comprehensive refinancing in due course.
Commenting on the rating upgrades, CEVA’s chief financial officer Peter Waller said: "We are very pleased about the outcome of the rating upgrades by S&P and Moody’s.
"They not only reflect CEVA’s much stronger financial position following the IPO but also the progress we have made in transforming the company. We are committed to continue to grow EBITDA and cash flows and further deleverage which should support an even better credit rating in the future."