Moody’s stabilizes Cushman & Wakefield view

Moody's Investors Service said it revised its outlook for Cushman & Wakefield U.S. Borrower, LLC (CWK) to stable from positive and affirmed its corporate family rating at B1, its senior secured term loan, senior secured first-lien revolving facility, and senior secured notes ratings at Ba3 and its probability of default rating at B1-PD. Moody's maintained the speculative grade liquidity score at SGL-1.

“The revision of the outlook to stable from positive reflects a reversal in operating performance given the challenging macro and commercial real estate (CRE) environment, as exhibited by CWK's deteriorating cash flow metrics. Additionally, the stable outlook reflects Moody's expectation that the company's broad service offerings, variable cost structure, and ample liquidity will provide operating and cash flow resilience in a period of higher financial leverage and softening market conditions,” the agency said in a press release.

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