Moody's affirmed the Ramsay Générale de Santé SA corporate family rating at Ba3 and upgraded the company's probability of default rating to Ba3-PD from B1-PD.

The outlook on all ratings remains positive.

The corporate family rating affirmation reflects the French hospital group's leading positioning in the market, its industry ownership through Ramsay Health Care Ltd which has a controlling interest in the company, and its overall high degree of visibility.

The probability of default rating was upgraded to reflect the lower recovery rate of 50% from 65% as the company plans to reduce the interest rate on term loan B from 3.5% to 3.125% and extend maturities on its €840 million term loan B and its €175 million acquisition and capex facilities to October 2022 from October 2020. The company plans to complete amending and extending the financing agreements Aug. 9.