Moody’s changes TES outlook to negative

Moody's Investors Service said it affirmed TES Global Holdings Ltd.’s B3 corporate family rating and B3-PD probability of default rating.

Concurrently, the agency affirmed the B3 instrument ratings on the £200 million senior secured notes due 2020 and the £100 million senior secured floating-rate notes due 2020 issued by TES Finance plc.

The outlook on all ratings was changed to negative from stable.

Moody's said the outlook change reflects the ongoing pressure on the company’s core hiring business, which continues to be negatively impacted by declining volume of advertisements in particular of its printing activities.

In addition, the enduring uncertainty in the UK macro environment could weigh on teachers’ turnover and therefore on the company's performance in the next 12 to 18 months, the agency said.

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