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Moody’s alters EIG outlook to negative
Moody’s Investors Service said it revised its outlook for EIG Management Co. to negative from stable and affirmed the Ba2 ratings on the company and its backed senior secured revolving credit facility due August 2024 and backed senior secured term loan B due February 2025.
“The negative outlook for EIG reflects the decline in revenue and EBITDA, as well as the deterioration in margins and the increase in leverage, over the last two years. EIG has had a few vintage funds wind down over the last two years, and in addition to the lost revenue, expenses did not decrease commensurately. Low commodity prices have also contributed to the weaker operating results,” the agency said in a press release.
Moody’s also noted EIG will have to refinance its term loan in early 2025.
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