Moody’s turns Galaxy view to negative

Moody’s Investors Service said it changed the outlooks for Galaxy Finco Ltd. and Galaxy Bidco Ltd. to negative from stable. Galaxy Finco is an intermediate holding company of Domestic & General Group Holdings Ltd.

“The change in outlook to negative reflects rising gross and net leverage as D&G deploys cash into its digital transformation initiative and expansion into the U.S. market, a diminished margin for error or cost overruns in its transformation and expansion initiatives, and remaining exposure to potential further supply chain disruptions, which could suppress profitability and financial flexibility,” Moody’s said in a press release.

Concurrently, the agency affirmed the companies’ B2 ratings and the Caa1 rating on its backed senior unsecured notes.

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