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Moody’s downgrades Merlin
Moody’s Investors Service said it downgraded to B2 from B1 the corporate family rating and to B2-PD from B1-PD the probability of default rating of Motion Midco Ltd. (Merlin).
Moody’s also downgraded to B1 from Ba3 ratings of the senior unsecured bonds issued by Merlin Entertainments plc as well as ratings on the term loans and the revolving credit facility due in 2026 issued by Motion Finco Sarl.
Moody’s downgraded to Caa1 from B3 the rating of the senior unsecured notes due 2027 issued by Motion Bondco DAC. The agency placed all the ratings, which had been stable, on review for further downgrade.
“The rating action was prompted by government decisions to close Merlin’s attractions in most of the geographies the company operates, including Europe, the U.S. and Australia, which will result in a sharp decline in revenue and free cash flows in 2020. From a regionally contained outbreak the virus has rapidly spread to many different regions severely denting the travel and leisure segments,” said Moody’s in a press release.
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