Moody's changes Merlin view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the corporate family rating of B3 and probability of default rating of B3-PD assigned to Motion Midco Ltd. (Merlin).

The agency also affirmed the B2 instrument rating of the backed senior secured notes issued by Merlin Entertainment Ltd. and the guaranteed senior secured notes, senior secured terms loans and the senior secured revolving credit facility issued by Motion Finco Sarl. Concurrently, Moody's affirmed the Caa2 instrument rating of the backed senior unsecured notes issued by Motion Bondco DAC.

“The change in outlook to stable reflects Moody's expectations that Merlin's revenue and EBITDA will continue to improve over the next 12-18 months supported by solid consumer demand and removal of the government restrictions,” the agency said in press release.

Moody’s noted Merlin reopened most of its attractions in the second quarter and it delivered positive results with total revenue and EBITDA improving to close to 2019 levels.

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