Moody's ups, rates Joye Media loan B2

Moody's Investors Service said it upgraded Joye Media SL’s corporate family rating to B2 from Caa2 and the probability of default rating to B2-PD from Ca-PD. Moody’s concurrently assigned a B2 rating to the new €500 million senior secured amortizing term loan A due 2027, issued by Subcalidora 2 Sarl. Joye owns Grup Mediapro.

The agency also revised Joye’s outlook to stable from ratings under review. The upgrade and outlook revision conclude the review for upgrade started on June 22.

"The rating upgrade is mainly driven by the significant reduction in leverage following the large equity injection and the refinancing of the company's capital structure," said Victor Garcia Capdevila, a Moody's vice president, senior analyst and lead analyst for Mediapro, in a press release.

"The upgrade also reflects our expectation of modest positive free cash flow generation over the next two years, a good liquidity profile and the improvement in the company's business risk profile. However, the credit quality of Mediapro is constrained by the expiration of LaLiga international agency contract in the season 2023-2024 and the large contribution of this contract to the overall cash flow generation of the group," Garcia, added.

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