Moody's cuts Comet Bidco

Moody's Investors Service said it downgraded Comet Bidco Ltd.'s (Clarion) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

The agency also downgraded the £315 million senior secured term loan (facility B1, due 2024), $420 million senior secured term loan (facility B2, due 2024) and the £75 million revolver to B3 from B2. All ratings are placed under review for further downgrade.

“The ratings downgrade reflects the significant pressure on Clarion's revenue and EBITDA particularly in the first half of FY2021 (fiscal year ending 31st January 2021) driven by the cancellation and delays of its trade shows due to the coronavirus outbreak globally. It remains unclear at this stage if the trade shows will be held as currently planned for the rest of the year, as it is difficult to predict when the coronavirus spread will be contained effectively across geographies,” said Moody’s in a press release.

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