Moody’s trims Pearl Holding

Moody's Investors Service said it downgraded Pearl Holding III Ltd.'s corporate family rating and senior secured bond rating to Caa1 from B3. The outlook remains negative.

“The downgrade reflects the increased risk of a debt restructuring or distressed exchange – which Moody's considers a default event – considering Pearl's unsustainable capital structure and large bond maturity in 2022,” Gloria Tsuen, Moody's vice president and senior credit officer, said in a news release.

“This risk is exacerbated by the deterioration in the company's earnings and cash flow this year as a result of the coronavirus outbreak, and following already weak 2019 levels.”

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