Moody’s cuts Aston Martin notes

Moody’s Investors Service said it downgraded the instrument ratings on Aston Martin Capital Holdings Ltd.’s senior secured notes to Caa2 from Caa1.

“The downgrade of the existing secured notes reflects, on the one hand, the currently weak positioning of the CFR and on the other hand the rising amount of other debt ranking ahead of the rated notes, including the drawn super senior revolving credit facility and new £20 million government-backed loan. The company also retains its recent inventory repurchase funding and may enter into further up to £50 million of trade financing alongside its existing wholesale financing facility. Accordingly, Moody’s believes the position of the rated notes in the capital structure has weakened,” Moody’s said in a press release.

Moody’s also affirmed Aston Martin Lagonda Global Holdings plc’s corporate family rating at Caa1 and probability of default rating at Caa1-PD.

The outlook remains negative.

© 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.