Moody’s downgrades MYOB

Moody’s Investors Service said it downgraded the corporate family rating of MYOB to B3 from B2. At the same time, Moody’s downgraded the senior secured rating on MYOB’s A$918-million-equivalent first-lien senior secured term loan B facility and its A$75 million delayed-draw first-lien senior secured term loan B facility to B3 from B2.

“The downgrade of MYOB’s ratings reflect the rating agency’s expectation that Moody’s adjusted gross leverage will increase and free cash flow generation will be negative over the next 12-18 months. The rating action also reflects the negative impact that the coronavirus is expected to have on the company’s financial performance,” Moody’s said in a press release.

The outlook remains stable.

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