Moody's assigns to Patchell B3

Moody's Investors Service said it assigned first-time ratings to Patchell Holdings Inc., including a B3 corporate family rating, a B3-PD probability of default rating and B2 ratings to the C$625 million first-lien term loan facility and C$75 million delayed-draw term loan issued at Patchell’s subsidiary GoodLife Fitness Centres Inc.

"The rating reflects PHI's weak credit metrics after seeing a material decline in revenue and earnings since 2020 driven by impacts of the coronavirus pandemic. While easing of pandemic restrictions and a strong market presence in Canada should support improvements in revenue, the pace of the recovery is uncertain," said Moody's analyst Jonathan Reid, in a press release.

The outlook is stable.

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