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Elis: Moody's upgrades credit rating

( - On Tuesday Moody's Investors Service upgraded its credit rating on Elis from "Ba2" to "Ba1" with a "stable" outlook, compared to "positive" until now.

In a statement, Moody's justified its decision by the prospect of further improvement in the hospitality market and the company's strong performance, which it said was used to counteracting the effects of inflation.

While we expect the group to face more challenging market conditions over the next 12 to 18 months, Elis is in a position to reduce costs, capex and dividends to limit the deterioration of its financial multiples and ensure that it maintains positive free cash flow, the rating agency said.

Elis shares are currently up 0.8% on the Paris stock exchange, in line with the SBF 120 index.

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