Moody’s downgrades Q-Park

Moody’s Investors Service said it downgraded Q-Park Holding BV’s corporate family rating and probability of default rating to Ba3 and Ba3-PD from Ba2 and Ba2-PD respectively. Moody’s also downgraded the rating on the senior secured notes due in 2025, 2026 and 2027 issued by Q-Park’s direct subsidiary Q-Park Holding I BV to Ba3 from Ba2. The outlook is negative.

“The downgrade of Q-Park’s ratings to Ba3 reflects Moody’s expectation that the increase in leverage that will result from the material loss of revenue and deterioration in operating performance in 2020 will lead to credit metrics no longer commensurate with our guidance for the Ba2 rating over the foreseeable future,” the agency said in a press release.

“The negative outlook takes account of the large uncertainty around the timing and scope of a traffic recovery which raises Q-Park’s credit and liquidity risks,” Moody’s said.

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