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Moody's downgrades Matalan
Moody's Investors Service said it downgraded the corporate family rating of Missouri TopCo Ltd. (Matalan) to Caa3 from Caa1 and the company's probability of default rating to Ca-PD from Caa1-PD.
Concurrently, Moody's lowered to Caa2 from B3 the rating of the £350 million backed senior secured first-lien notes due in January 2023 and to C from Caa3 the rating of the £80 million backed senior secured second-lien notes due in January 2024. Both the first-lien and second-lien notes are issued by Matalan Finance plc and guaranteed by the parent company Missouri TopCo Ltd.
The outlook remains negative.
“Today's downgrade, which follows the company’s recent announcement that a strategic sales process has been initiated, reflects Moody’s view that it is now highly likely that Matalan lenders will incur losses in a balance sheet restructuring,” Moody’s said in a news release.
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