Moody's cuts Global Blue to B2

Moody's Investors Service said it downgraded the ratings of Global Blue Finance Sarl, the indirect holding company of Global Blue Acquisition BV, including Global Blue's corporate family rating to B2 from B1 and its senior secured instrument ratings issued at Global Blue Acquisition, a fully-owned and guaranteed subsidiary of Global Blue, to B2 from B1, as well as Global Blue's probability of default rating to B2-PD from B1-PD.

“This rating action reflects the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines which are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented,” Moody’s said in a press release.

Global Blue is exposed to the travel, retail and international shopping sectors, which have suffered significantly recently, the agency said.

Moody’s changed the outlook to negative from under review.

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