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Moody’s lowers Keystone Midco
Moody's Investors Service said it downgraded Keystone Midco Ltd. (Keepmoat) corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD.
Concurrently, the agency downgraded the rating for the outstanding amount of £100 million senior secured notes due in 2019 issued by Keystone Financing plc to Caa1 from B3.
The outlook is stable.
“The downgrade reflects the Keepmoat's recently reported lower EBITDA margin, high Moody's adjusted leverage and also reduced liquidity and increased refinancing risk, given that the company's debt represented by a super senior revolving credit facility (RCF) and senior secured bond comes due in the next 9-12 months,” Moody's analyst Egor Nikishin said in a news release.
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