Moody’s rates Aston Martin Lagonda notes B3, shifts view to negative

Moody’s Investors Service said it assigned a B3 instrument rating to Aston Martin Capital Holdings Ltd.’s new $150 million senior secured notes.

Moody’s also changed the outlook to negative from stable for Aston Martin Lagonda Global Holdings plc and Aston Martin Capital Holdings Ltd.

“The negative outlook reflects the increased debt from the notes issuance, which will result in continued very high leverage for at least the next 24 months and delay deleveraging further. The continued high cash outflows for at least 2019 and 2020 also weigh on rating and outlook, but the new notes should provide the liquidity needed to see the company through the critical upcoming SUV DBX launch unless the company’s cash flow weakens from Moody’s current expectations,” said Tobias Wagner, vice president and senior analyst at Moody’s, in a press release.

The agency also affirmed the B3 corporate family rating and B3-PD probability of default rating of Aston Martin Lagonda Global as well as the B3 ratings on the secured rated notes issued by Aston Martin Capital.

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