Moody's alters Four Seasons view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed Four Seasons Hotels Ltd.'s Ba3 corporate family rating, Ba3-PD probability of default rating, and the Ba3 rating on its senior secured bank credit facility.

"The stable outlook reflects our view that with industry conditions normalizing, leverage will be sustained below 4.5x and that Four Seasons will generate strong free cash flow while remaining resilient to potential macro headwinds," said Whitney Leavens, a Moody's analyst, in a press release.

"The company's liquidity is weak as its November 2023 $830 million term loan maturity nears; however, we expect the company to refinance its debt in a timely manner," Leavens added.

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