S&P trims Moby to SD

S&P said it downgraded Moby SpA to SD from CCC- and lowered the company’s issue ratings to D from CCC.

The downgrade follows Moby's announcement of a standstill agreement with an ad-hoc group of bondholders and an added standstill request to senior facilities agreement lenders. Moby decided to defer payments on its €300 million notes due 2023 and €200 million term loan and €60 million revolving credit facilities due 2021. The recovery rating on these obligations remains unchanged at 2 and continues to reflect an expectation of material (85%) recovery in the event of a conventional default.

Moby is negotiating a capital restructuring with its debtholders.

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