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Moody's zaps WOM Mobile
Moody's Ratings said it downgraded WOM Mobile SA’s corporate family rating to Caa3 from Caa1 and its Kenbourne Invest SA’s 2024 and 2028 backed senior unsecured notes ratings to Caa3 from Caa1.
The downgrades reflect the erosion in WOM´s liquidity position and elevated refinancing risk caused by its aggressive financial policy, the agency said.
“The action considers the uncertainty surrounding WOM's ability to refinance its outstanding CLP 312 billion ($346 million) due in November 2024, given current market conditions, limited liquidity, and recurrent delays in finalizing a refinancing package,” Moody’s said in a press release.
WOM had cash and cash equivalents of CLP 7 billion on Dec. 31 down from CLP 168.2 billion in December of 2022. Moody’s said it forecasts the company will have negative free cash flow at least until 2025.
The outlook remains negative.
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