Moody’s lowers Socotec

Moody’s Investors Service said it downgraded the corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD of Soco 1 SAS (Socotec)

Concurrently, Moody’s downgraded to B3 from B2 the instrument ratings of the term loan maturing 2024 and of the revolving credit facility issued by Holding Socotec SAS.

In explaining the downgrade, the agency cited the pandemic’s effect and the closure of construction sites in France, weakening liquidity because of negative cash flow and concern that demand will stay below 2019 levels for a prolonged period.

Moody’s changed the outlook on both entities to stable from negative.

The stable outlook reflects the expectation the company’s business model will remain resilient through the next 12-18 months, Moody’s said.

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