Moody's turns Octave Music view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the Octave Music Group, Inc.'s B3 corporate family rating and Caa1-PD probability of default rating. Concurrently, Moody's affirmed the B3 ratings on the senior secured first-lien bank credit facilities.

“The revision of the outlook to stable reflects Octave Music's good execution on cost management and liquidity during the Covid-19 health crisis and global economic recession, the revenue recovery in Q1 2021 to near pre-pandemic levels and Moody's expectation that operating performance will improve over the next year as the global economy rebounds,” the agency said in a press release.

The agency said it forecasts Octave will generate solid EBITDA growth and lower financial leverage to the 6x-7x range by year end 2021 from 10.7x at LTM March 28 (both metrics are Moody's adjusted).

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