Moody’s rates Kantar debt B1, changes view

Moody's Investors Service said it changed the outlook to negative from stable for Kantar Global Holdings Sarl, previously Summer (BC) Lux Consolidator SCA, the top-entity of the ring-fenced group that controls Kantar, after the near-full completion of Bain Capital's acquisition of a 60% stake in the business in December 2019.

The balance of 40% is held by WPP plc, whose debt is rated Baa2.

The outlook was also changed to negative for all of Kantar's rated subsidiaries.

At the same time, Moody's affirmed the B2 corporate family rating and B2-PD probability of default rating at Kantar Group Holdings.

The agency also affirmed the B1 ratings for the $400 million senior secured revolving credit facility due 2026 and for the €725 million and $280 million senior secured term loans B issued by Kantar's subsidiaries Summer (BC) Bidco B LLC and Summer (BC) Holdco B Sarl, the B1 rating for the €1 billion senior secured notes due 2026 issued by Summer (BC) Holdco B and the Caa1 rating for the €428 million senior unsecured notes issued by Summer (BC) Holdco A Sarl.

Moody's also assigned B1 ratings to new tranches of $70 million and €70 million issued by Summer (BC) Bidco B and Summer (BC) Holdco B.

The change in outlook to negative reflects the significant pressures from the global outbreak of coronavirus on Kantar's revenue and profitability, the agency said in a news release.

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