Moody's turns Getty view to stable

Moody's Investors Service said it changed its outlook for Getty Images, Inc. to stable from negative.

The outlook reflects an expectation that Getty's operating performance and financial leverage will improve over the next two years as the global economy rebounds from the pandemic-induced recession, Moody’s said.

The agency said it sees Getty delivering positive organic revenue growth in the range of 6%-8% in 2021 and 2%-4% next year, which will generate solid EBITDA growth enabling deleveraging to the 6.25x-6.75x area by the end of 2022 (both metrics are Moody's adjusted).

The agency also affirmed Getty’s B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's affirmed the B2 ratings on the first-lien credit facilities, comprising the $80 million revolving credit facility, the €419 million outstanding first-lien euro term loan and $1 billion outstanding first-lien term loan and Caa2 rating on the $300 million outstanding senior unsecured notes.

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