Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for GI Revelation Acquisition LLC > News item |
Moody’s downgrades Consilio
Moody’s Investors Service said it downgraded GI Revelation Acquisition LLC’s (Consilio) corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.
The agency also downgraded the company’s first-lien senior secured credit facility (revolver and term loan) to B3 from B2 and its second-lien senior secured term loan to Caa3 from Caa2. Moody’s changed the outlook to negative from stable.
“The downgrade to Caa1 CFR and negative outlook reflects Moody’s expectations for lower revenue and earnings prospects in 2020 due to challenging industry conditions stemming from the coronavirus (Covid-19) pandemic, including declines in litigation fillings, increasing court closures in the United States, delay in matters starts and decrease in litigation-related expenditures by customers,” said the agency in a press release.
“The potential for cash flow deficits and liquidity tightening throughout 2020 is elevated given the risk that corporate clients could delay or not pay at all for litigation services, given their own deteriorated financial condition,” Moody’s 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.