Moody’s lowers MediArena

Moody’s Investors Service said it downgraded the corporate family rating of MediArena Acquisition BV to B3 from B2, along with its probability of default rating to B3-PD from B2-PD.

Moody’s also downgraded the ratings on the company’s 2021 first-lien senior secured facilities to B2 from B1 and the rating on the 2022 second-lien senior secured facility to Caa2 from Caa1.

The outlook on the company, also known as Endemol Shine Group, was changed to negative from stable.

The downgrades follow news that the company’s 2015 full-year results were well below expectations, Moody’s said,

The ratings also reflect the company’s very high adjusted leverage at year-end 2015 of about 9.1x and expectations that leverage will remain high in 2016, the agency said.

The ratings also consider the company’s established position as the largest independent production company by size and geographies, Moody’s said.

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