Moody’s downgrades Silknet

Moody’s Investors Service said it changed Silknet JSC’s outlook to negative from stable while affirming its ratings.

Moody’s said the change of outlook to negative reflects the accelerated depreciation of the Georgian lari against the U.S. dollar in 2020, which negatively impacted Silknet's EBITDA and reported debt resulting in a significant increase in Moody's adjusted gross leverage to 3.8x as of Dec. 31 from 3.4x a year earlier.

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