Moody's changes Guala view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the B1 corporate family rating and the B1-PD probability of default rating of Guala Closures SpA. Simultaneously, Moody's affirmed the B1 rating on the €455 million guaranteed senior secured floating-rate notes due 2024.

"The change in the outlook to negative from stable primarily reflects the impact of the coronavirus pandemic on Guala's year-to-date September 2020 operating performance and credit metrics as well as the uncertainty on the recovery of trading conditions over the next quarters which might delay the improvement in the company's financial leverage to a level more commensurate with the B1 rating category," said Donatella Maso, a Moody's vice president, senior analyst and lead analyst for Guala, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.