Moody's views Stonegate negatively

Moody's Investors Service said it changed the outlook to negative from stable of Stonegate Pub Co. Ltd. and its subsidiaries Stonegate Pub Co. Bidco Ltd. and Stonegate Pub Co. Financing 2019 plc. Concurrently, Moody's also affirmed the company's ratings, including its B3 corporate family rating and B3-PD probability of default rating.

The agency also affirmed the Ba3 rating of the £273.3 million super senior secured revolving credit facilities of Bidco, the B3 rating of the backed senior secured notes, including £1.735 billion and €495.8 million in the name of the company's subsidiary, Financing 2019, and the Caa2 rating of Bidco's £400 million of senior secured second-lien term loan.

“The negative outlook reflects a degree of pressure from inflationary headwinds and slowing demand. The outlook also highlights significant debt maturities in July 2025 and the refinancing risk arising from its weak credit metrics,” Moody’s said in a press release.

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