Moody’s: WeddingWire view to negative

Moody’s Investors Service said it revised the outlook for WeddingWire, Inc. to negative from stable.

“The change in WeddingWire’s outlook to negative considers Moody’s expectation for an abrupt, substantial decline in the company’s 2020 revenue due to delays in wedding planning activities stemming from the Covid-19 pandemic. Reduced profits will strain free cash flow and cause Moody’s-adjusted debt-to-EBITDA leverage to increase to above 7.5 times at the end of 2020, after having moderated in 2019 to an estimated 6.5 times,” said Moody’s in a press release.

The agency also affirmed WeddingWire’s B3 corporate family rating and its B3-PD probability of default rating. Moody’s also affirmed the B2 instrument ratings for WeddingWire’s first-lien debt, including a $445 million term loan and $25 million revolving credit facility. The Caa2 rating on the company’s $175 million second-lien term loan has also been affirmed.

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