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Moody's downgrades McLaren to Caa2; outlook negative
Moody's Investors Service said it downgraded the corporate family rating of McLaren Holdings Ltd. to Caa2 from B3 and the probability of default rating to Caa2-PD from B3-PD.
Concurrently, Moody's has downgraded the instrument ratings on the senior secured notes issued at McLaren Finance plc to Caa3 from B3. The outlook is negative.
“The downgrade reflects the rapidly eroding liquidity profile of the company with £155 million of total liquidity as of April 20, 2020, according to the company,” Moody’s said in a press release.
McLaren expects a severe liquidity crunch and is exploring options in this regard including working capital funding and covenant waivers, the agency said.
“Moody's believes that additional funding is required and the outcome of the company's efforts to obtain funding as well as the outcome of discussions with lenders highly uncertain,” Moody’s said.
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