Moody's sees Cushman & Wakefield positively

Moody's Investors Service said it revised the outlook to positive from stable and affirmed Cushman & Wakefield U.S. Borrower LLC's (CWK) ratings, including its senior secured term loan, senior secured first-lien revolving facility and senior secured notes at Ba3. Additionally, Moody's changed CWK's speculative grade liquidity rating to SGL-1 from SGL-2.

“The revision of the outlook to positive anticipates continued strong operating performance, as exhibited by improving cash flow metrics. Additionally, the positive outlook reflects expected deleveraging and maintenance of strong liquidity as it seeks to drive strategic growth through opportunistic investments,” Moody’s said in a press release.

The SGL revision reflects the issuer's strong liquidity profile as of the first quarter 2022, supported by its low capital intensive business model and robust cash flow, full availability under its $1.1 billion revolving facility, a cash position of about $612 million, and no debt maturities until 2025 when its $2.6 billion senior secured first-lien term loan comes due, the agency noted.

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