Moody’s alters Georgia Capital view to negative

Moody’s Investors Service said it changed the outlook to negative from stable and affirmed the corporate family rating and probability of default rating of Georgia Capital JSC at B2 and B2-PD, respectively.

Concurrently the agency affirmed the B2 rating on the company’s $300 million of senior unsecured notes.

“Today’s revision of the outlook on Georgia Capital’s B2 CFR to negative from stable was prompted by both a swift deterioration of the group’s market value leverage since the coronavirus outbreak and the expectation that the issuer’s interest cover will weaken substantially this year leading to some erosion of Georgia Capital’s still adequate liquidity profile,” Moody’s said in a press release.

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