Moody’s revises GHD outlook to negative

Moody’s Investors Service said it changed the outlook for Cidron Gloria Holding GmbH (GHD) to negative from stable and affirmed its B3 ratings, including those on its €360 million backed senior secured term loan due in August 2026 and its €80 million backed senior secured revolving credit facility due in February 2026. Both loans were issued Cidron subsidiary GHD Verwaltung GesundHeits GmbH Deutschland.

“In the next 12 to 18 months, Moody's expects limited revenue and EBITDA growth in the low single-digit levels. Moody's also expects EBITDA management adjustments to continue to negatively weigh on the credit metrics with leverage remaining at around 10x in 2023 before coming down toward 8x in 2024, the agency said in a press release.

Moody’s noted that even before the outlook revision, Cidron’s rating was weakly positioned.

“Nonetheless, Moody's believes that GHD's liquidity should remain adequate in the next 12 months driven by the company's adequate cash balance and access to €80 million undrawn RCF,” the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.