Moody's stabilizes Travel + Leisure view

Moody's Investors Service said it revised its outlook for Travel + Leisure Co. to stable from negative.

"The stable outlook reflects T&L's good liquidity and Moody's forecast that the company's earnings will continue to improve over the next 12 to 18 months, enabling its debt/EBITDA to return to around 5.25x," stated Pete Trombetta, a Moody's vice president and senior analyst, in a press release.

T&L's adjusted debt/EBITDA for the trailing 12 months ended March 31, was about 6.2x. “Moody's notes that its adjusted debt/EBITDA calculation includes 100% of the company's non-recourse securitized debt. Excluding this non-recourse debt, leverage would be approximately two turns lower, at around 4x.”

Moody's affirmed the company's ratings including its corporate family rating at Ba3, probability of default rating at Ba3-PD, senior secured rating at Ba3 and senior secured bank credit facility rating at Ba3. The company's speculative grade liquidity rating is unchanged at SGL-2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.