Moody’s Investors Service cuts Aernnova

Moody’s Investors Service said it downgraded the corporate family rating of the Aernnova Aerospace Corp. SA to B3 from B2. The outlook changed to negative from ratings under review.

Concurrently, Moody’s lowered to B3 from B2 the company’s €390 million senior secured term loan B-1 and the €100 million senior secured term loan B-2 term loan, both due 2027 and its €100 million senior secured revolving credit facility due 2026.

Moody’s also downgraded the company’s probability of default rating to B3-PD from B2-PD.

“The downgrade of Aernnova’s ratings to B3 reflects Moody’s view that the downturn brought on by the coronavirus will cause a pronounced weakening in the company’s credit metrics,” the agency said in a press release.

This rating action concludes a review for downgrade started on April 21, Moody’s said.

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