Moody’s eyes SoLocal for downgrade

Moody's Investors Service said it placed SoLocal Group SA’s Caa1 corporate family rating and Caa1-PD probability of default rating on review for downgrade. Concurrently, Moody's also placed on review for downgrade the Caa2 ratings on the €168.5 million of senior secured notes due 2025 and the €17.8 million senior secured bond due 2025. The outlook has been changed to ratings under review from stable.

"We have placed SoLocal's ratings on review for downgrade as the company's decision to postpone the publication of the fiscal year 2022 results suggests that the operating environment is becoming more challenging and there is less visibility for 2023," said Pilar Anduiza, a Moody's analyst and lead analyst for SoLocal, in a statement.

The review will consider the timely publication of its audited statutory financial statements by the April 30 deadline of April 30, and the factors that led to the postponement of the fiscal year 2022 financial statements release and their effect on the company's credit profile while evaluating the company's growth, earnings generation, liquidity and access to funding prospects, the agency said.

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