Moody's boosts Casper

Moody’s Investors Service said it raised to B3 from Caa1 Casper BidCo SAS’ €715 million backed senior secured term loan B3, €100 million backed senior secured term loan and €120 million equivalent backed senior secured multicurrency first-lien revolving credit facility. The agency also upgraded to Caa2 from Caa3 Casper’s €155 million backed senior secured second-lien term loans.

Concurrently, Moody’s boosted to B3 from Caa1 the corporate family rating and to B3-PD from Caa1-PD the probability of default rating of Casper MidCo SAS (B&B Hotels). The agency changed the outlook to stable from positive.

"The upgrade of B&B's CFR to B3 reflects the strong operating performance of the company throughout 2022 combined with gradual deleveraging which leads to substantial improvement of its credit metrics. The stable outlook reflects our expectation that liquidity will remain adequate thanks to the substantial cushion built throughout 2022 will accommodate for the rising inflation and weaker consumer sentiment which will weigh on the company operating performance in the next 12 to 18 months" said Elise Savoye, a Moody's vice president, senior analyst and lead analyst for B&B Hotels, in a press release.

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