Moody’s changes WMG Acquisition view

Moody's Ratings said it affirmed WMG Acquisition Corp.'s Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior secured note and credit facility debt ratings.

The SGL-1 speculative grade liquidity rating is unchanged.

The outlook was changed to positive from stable.

“The affirmation of the CFR and change to a positive outlook reflect WMG's strong execution and improved operating performance which is likely to continue in 2024 driven in part by good streaming music trends,” the agency said in a news release.

“WMG's plan to reduce costs in slower growth business lines and reinvest a portion of the savings in higher growth areas will also support profit margin improvement and lower leverage.”

© 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.