waltermasoni
Caribbean Trader
Rating Action:
Moody's downgrades Moby's CFR to Caa3 from Caa2; outlook negative
13 May 2019
Senior secured notes downgraded to Caa2
Paris, May 13, 2019 -- Moody's Investors Service has today downgraded Italian ferry operator Moby S.p.A.'s (Moby) corporate family rating (CFR) to Caa3 from Caa2 and its probability of default rating (PDR) to Caa3-PD from Caa2-PD. Concurrently, Moody's has downgraded the EUR300 worth of million senior secured notes to Caa2 from Caa1. The outlook remains negative.
"Our rating action reflects Moby's continued fall in earnings in the last quarter of 2018", says Guillaume Leglise, a Moody's Assistant Vice President and lead analyst for Moby. "Moby's liquidity profile continues to be weak and a balance sheet restructuring involving losses for financial creditors looks increasingly likely in the next 12 to 18 months" add Mr. Leglise.
Moody's downgrades Moby's CFR to Caa3 from Caa2; outlook negative
13 May 2019
Senior secured notes downgraded to Caa2
Paris, May 13, 2019 -- Moody's Investors Service has today downgraded Italian ferry operator Moby S.p.A.'s (Moby) corporate family rating (CFR) to Caa3 from Caa2 and its probability of default rating (PDR) to Caa3-PD from Caa2-PD. Concurrently, Moody's has downgraded the EUR300 worth of million senior secured notes to Caa2 from Caa1. The outlook remains negative.
"Our rating action reflects Moby's continued fall in earnings in the last quarter of 2018", says Guillaume Leglise, a Moody's Assistant Vice President and lead analyst for Moby. "Moby's liquidity profile continues to be weak and a balance sheet restructuring involving losses for financial creditors looks increasingly likely in the next 12 to 18 months" add Mr. Leglise.
