Moody’s trims Averys

Moody's Investors Service said it downgraded to B3 from B2 the corporate family rating and to B3-PD from B2-PD the probability of default rating of Optimus BidCo SAS (Averys SA).

Moody's downgraded to B3 from B2 the instrument ratings of the company's €75 million senior secured revolving credit facility and its €400 million senior secured first-lien term loan and to Caa2 from Caa1 the rating of its €85 million senior secured second-lien term loan.

The outlook was changed to negative from stable.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets,” the agency said in a news release.

“The combined credit effects of these developments are unprecedented. The manufacturing industry has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”

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