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(Alliance News) - Moody's Investors Service on Thursday upgraded to Ba2 from Ba3 the corporate family rating of Burford Capital Ltd, a New-York, US-based litigation finance company.
The outlook was revised to stable from positive. Moody's has also assigned a backed Ba2 rating to the senior unsecured notes to be issued by new subsidiary Burford Capital Global Finance LLC and assigned a stable outlook.
Moody's said it has upgraded Burford's ratings to reflect the company's success in improving its governance, partly in connection with it listing on the New York Stock Exchange in October 2020, as well as the company's strong operating performance during the economic downturn, continued strong liquidity and low leverage.
The outlook was revised to stable from positive based on Moody's expectation that Burford will continue to maintain its overall strong, though potentially volatile earnings strength, and effectively manage liquidity and capital positions over the next 12 to 18 months.
The backed Ba2 rating assigned to the new senior unsecured notes of Burford Capital Global Finance reflect their senior priority in Burford's overall capital structure, the ratings agency noted.
Burford Capital shares closed 1.9% lower in London on Thursday at 584.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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