Moody’s downgrades Maxeda

Moody’s Investors Service said it downgraded to Caa1 from B2 the corporate family rating and to Caa1-PD from B2-PD probability of default rating of Maxeda DIY Holding BV. Concurrently Moody’s downgraded to Caa1 from B2 the instrument rating of the €475 million senior secured notes due 2022. The outlook remains negative.

"The decision to downgrade Maxeda’s ratings reflects Moody’s expectations that the spread of the coronavirus will disrupt the company’s operations and will further weaken the already weak liquidity buffer of the company," said Francesco Bozzano, an assistant vice president and Moody’s lead analyst on Maxeda, in a press release.

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