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Moody’s alters VC GB outlook to negative
Moody’s Investors Service said it changed its outlook for VC GB Holdings I Corp. (Visual Comfort & Co.) to negative from stable and affirmed the company's B2 corporate family rating, B2-PD probability of default rating, B1 rating on its senior secured first-lien term loan due 2028, and Caa1 rating on its senior secured second-lien term loan due 2029.
“The negative outlook reflects the weakening in VCC's residential and commercial end markets, which is expected to impact demand for the company's lighting products in the next 12 to 18 months. This is anticipated to slow the trajectory of deleveraging, while interest coverage will moderate due to the rising interest-rate environment given that the company's capital structure is composed of all variable-interest rate debt,” Moody’s said in a press release.
Interest rate hedges, however, will limit the magnitude of its interest increase, the agency said.
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