Moody's reviews Greenhill for trim

Moody's Investors Service said it placed on review for downgrade the Ba2 corporate family rating and the Ba2 ratings on the senior secured term loan and revolving credit facility of Greenhill & Co., Inc. The outlook was changed to rating under review from stable. The review follows the recent release of the company's full-year 2019 results.

“Notwithstanding a stronger performance in the second half of 2019, Greenhill's full-year results for 2019 were weaker than expected, Moody's said, driven by a slowdown in global M&A activity and a significant decline in the firm's European business. The weaker revenue environment was compounded by a compensation ratio above the firm's target level even after a reduction in compensation expense during the second half of 2019. Moody's believes this reflects the impact of new hiring as well as a possible weakening of the firm's traditionally disciplined culture of expense control,” said the agency in a press release.

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