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Moody's assigns Merlin notes B1
Moody's said it assigned a B1 rating (under review for possible downgrade) to the proposed issuance of €500 million senior secured notes due in 2025 to be sold by Motion Finco SARL.
The agency said it estimates the offering will bring the company's total pro forma liquidity to around £980 million as of March, which should provide the group with enough resources to withstand the pandemic-driven shutdown, even if it continues through the key summer months.
All the group’ ratings, including the B2 corporate family rating and the B2-PD probability of default rating assigned to Motion Midco Ltd. (Merlin) remain unchanged and under review for downgrade. The outlook on all ratings is under review.
“Moody's understands that the guarantors of the new notes are substantially the same as for the existing loans and notes and represent at least 80% of EBITDA,” said the agency in a press release.
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