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Moody's lifts WMG outlook to positive
Moody's Investors Service said it changed WMG Holdings Corp.'s outlook to positive from stable and affirmed its Ba3 corporate family rating and Ba3 probability of default rating.
Moody's said it also affirmed the B2 senior discount note rating and LGD6 assessment for WMG Holdings Corp. as well as the Ba2 senior secured loan rating (LGD2) and B2 senior subordinated note rating (LGD5) for WMG Acquisitions Corp.
The change in outlook considers WMG's improved credit metrics and reduction in event risk given the IPO, established dividend and diminished opportunities for sizable acquisitions, the agency said.
Moody's added that the company also remedied its remaining material weakness and now is in compliance with Sarbanes-Oxley, noting that an upgrade to a Ba2 corporate family rating would require maintaining current credit metrics and a more measured approach to acquisitions such that the company stayed within a 5 times leverage range.
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