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Moody’s lowers BrightHouse, notes to B2
Moody's Investors Service said it downgraded the BrightHouse Group plc's corporate family rating to B2 from B1 and the rating on its £220 million senior secured notes to B2 from B1.
The probability of default rating was affirmed at B1-PD.
The outlook was changed to negative from stable.
Moody’s said the action primarily reflects the following drivers: (a) Weakening of the company's credit metrics driven by regulatory changes and adverse product mix; (b) Moody's expectation of further negative pressure on the company's business; and (c) upcoming refinancing risk on its senior secured notes maturing in May 2018.
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