Moody’s revises ghd view to negative

Moody's Investors Service said it changed the outlook of Lion/Gloria Holdco Ltd. (ghd) and its subsidiary ghd Bondco plc to negative from stable.

Concurrently, the agency affirmed ghd's B3 corporate family rating and B3-PD probability of default rating, and the B3 (LGD 4) rating of the £165 million senior secured notes issued by ghd Bondco.

"The change of outlook reflects ghd's weak financial profile and our expectations that its leverage (as adjusted by Moody's) will remain well beyond what we previously anticipated over the foreseeable future," Guillaume Leglise, Moody's lead analyst for ghd, said in a news release.

"While we acknowledge that profitability and cash flow generation have improved over recent quarters, we expect ghd to remain weakly positioned in its rating category over the next 12 months."

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