Moody's upgrades Oyo parent Oravel Stays rating; maintains stable outlook

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Moody's upgrades Oyo parent Oravel Stays rating; maintains stable outlook - Business Standard

Quick Summary:

Moody's Ratings has upgraded the corporate family rating (CFR) of Oravel Stays Limited -- travel tech platform OYO's parent firm -- and the rating on the senior secured term loan issued by its wholly-owned subsidiary OYO Singapore to B2 from B3, and maintained the stable outlook.

Elaborating upon the rating rationale, Moody's said OYO is in the process of securing a new five-year USD 825 million term loan, which together with the USD 174 million of primary equity capital raised between June and August 2024, will be used to repay its existing TLB that matures in June 2026, easing its refinancing pressures.

In a statement on Wednesday, Moody's said it has assigned a B2 rating to the USD 825 million senior secured term loan facility to be availed by Oravel Stays Singapore Pte.(OYO Singapore).