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Moody's cuts Instant Brands
Moody’s Investor Service said it lowered Instant Brands Holdings Inc.'s ratings including its corporate family rating to B3 from B1, its probability of default rating to B3-PD from B1-PD, and the rating on the company’s first-lien term loan due 2028 to B3 from B1. The outlook is negative.
“Today's ratings downgrade and negative outlook reflects Instant Brands' weakened credit metrics and liquidity following lower operating results in the first half of fiscal 2022, and Moody's expectations that financial leverage will remain high over the next 12-18 months as industry headwinds persist past 2022.
“Instant Brands reported meaningfully lower operating results for the first half of fiscal 2022, with year-over-year revenue declining 21% and company-adjusted EBITDA lower by more than 50%. As a result, Instant Brands' debt/EBITDA increased to about 7.2x for the last 12 months period ending June 30, 2022, up from 5.4x at the end of fiscal 2021,” Moody’s said in a press release.
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