Moody’s lowers Exterion, facilities

Moody's Investors Service said it downgraded Exterion Media's (rated at Doubleplay I Ltd.) corporate family rating to B3 from B1, probability of default rating to Caa1-PD from B2-PD and the rating on the senior secured bank credit facilities issued by Exterion Media Holdings Ltd. to B3 from B1.

Concurrently, the agency placed all ratings on review for further downgrade. It expects to conclude the review within a maximum timeframe of three months.

"The ratings downgrade reflects the weaker-than-expected performance of Exterion Media in the first nine months of 2017 due to the compounded effect of delays in digitalization of some of its inventory, a weak performance in France where costs are mostly fixed and high competition from other OOH advertisers in the UK,” Christian Azzi, Moody's assistant vice president, analyst and lead analyst for Exterion Media, said in a news release.

“The ratings are on review for further downgrade as the decline in EBITDA raises material uncertainty over the company's ability to meet its net leverage covenant in the next 12 months, raising concerns around the availability of the company's revolving credit facility."

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