Moody’s downgrades Haya

Moody’s Investors Service said it lowered Haya Real Estate SAU’s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

Moody’s also downgraded to Caa1 from B3, the instrument rating of the senior secured fixed- and floating-rate notes maturing in November 2022 issued by subsidiary Haya Finance 2017 SA. The outlook has been changed to negative from stable.

“Today’s rating action reflects the increasing uncertainty associated with a refinancing of Haya’s senior secured notes in November 2022, given the company’s weaker than expected financial performance, high leverage and uncertain economic prospects,” said Fabrizio Marchesi, a Moody’s vice president and lead analyst for the company.

“In the absence of a turnaround in financial performance, a renewal of key contracts, and new contract wins, the company may have difficulty in meeting its financial obligations as they fall due,” added Marchesi.

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