Moody’s moves Corialis view to negative

Moody’s Investors Service said it changed its outlook for Infinity Bidco 1 Ltd. (Corialis) to negative from stable and affirmed its B1 ratings on the company and its €890 million equivalent senior secured first lien term loan B and the €150 million senior secured first lien revolving credit facility.

“The negative outlook reflects Moody's expectation that credit metrics will be weak for the current rating in 2023 and 2024, improving in line with Moody's expectations for the B1 rating by 2025 albeit with a degree of uncertainty. This includes debt/EBITDA of around 6x in 2023 and 2024, reducing below 5.5x by 2025.

“The negative outlook also reflects downside risks from a more protracted decline in the new build segment, as well as potential risks associated with the implementation of the company's strategic initiatives,” the agency said in a press release.

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