Moody's stabilizes Stagecoach outlook

Moody's Investors Service said it confirmed Stagecoach Group plc's Baa3 instrument rating on its £400 million of notes due 2025 and changed the outlook to stable from rating under review.

This concludes the review for downgrade of Stagecoach's ratings started on March 16, the agency said.

“This rating action follows Inframobility UK Bidco Ltd.’s announcement on May 20, 2022, that its offer has become unconditional following its receipt of acceptances for approximately 65.99% of the issued share capital of Stagecoach, as well as satisfaction or waiver of all remaining conditions to the offer,” Moody’s said in a press release.

Additionally, the company reported on May 26, that it had received acceptances representing about 81.75% of the voting rights and Stagecoach will request its shares be delisted.

“The stable rating outlook reflects Moody's expectations that Stagecoach will continue on its growth trajectory while reducing its leverage, prudently managing its upstream dividends, and gradually growing its free cash flow,” the agency said in a press release.

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