Moody’s cuts CD&R Firefly loan

Moody's Investors Service said it downgraded to B2 from B1 the rating on CD&R Firefly Bidco Ltd.'s £32.7 million outstanding backed senior secured first-lien term loan (B1 tranche) due June 2025.

There is no change to CD&R Firefly 4 Ltd.'s B2 corporate family rating and B2-PD probability of default rating, and no change to existing ratings of the backed senior secured bank credit facilities issued by CD&R Firefly Bidco and Motor Fuel Ltd.

The outlook is positive.

“Today's rating action follows the completion of the company's amend-and-extend and subsequent add-on, which resulted in £32.7 million outstanding of the B1 tranche of the GBP-backed senior secured first-lien term loan not being amended and extended to 2028, the maturity remains in June 2025,” the agency said in a news release.

“The amended capital structure is now expected to be all senior and pari passu ranking and hence the downgrade to B2 from B1 rating of the remaining £32.7 million B1 tranche of the GBP-backed senior secured first-lien term loan to align with the CFR.”

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