Moody’s shifts Global University view downward

Moody’s Investors Service said it changed Global University Systems Holding BV’s outlook to negative from stable.

The negative outlook reflects the company’s high leverage and the operational and financial downside risks related to the operational disruptions caused by the coronavirus outbreak. A return to a stable outlook would require Moody’s-adjusted gross leverage to fall below 6x while maintaining at least an adequate liquidity profile at all times, Moody’s said.

Concurrently, Moody’s affirmed the company’s B2 corporate family rating and its B2-PD probability of default rating. Moody’s also affirmed the B2 ratings on the €1 billion senior secured term loan B due 2027 and pari passu ranking £120 million senior secured revolving credit facility due 2026 borrowed by wholly owned subsidiary Markermeer Finance BV.

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