Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
Baar, Switzerland, 16 May 2018 -- CEVA Logistics AG ("CEVA") announces that Moody's Investors Service ("Moody's") has today upgraded the Group's Corporate Family Rating to B1 following the successful IPO on SIX Swiss Exchange on 4 May 2018. The upgrade by four notches reflects the improved financial position and free cash flow generation as a result of the IPO as well as the ongoing improvements in operating performance. Moody's has also upgraded the instrument ratings on the existing debt facilities.
As previously announced, CEVA has started the repayment of some of its indebtedness and plans to replace the majority of its remaining debt facilities through a comprehensive refinancing in coming months.