Moody's revises Q-Park outlook to stable

Moody's Investors Service said it revised the outlook to stable from negative and affirmed the long-term corporate family rating and probability of default rating of Q-Park Holding BV at B1, the B1-PD respectively. At the same time, the agency affirmed 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 at B1.

“The rating affirmation with a stable outlook reflects the improved revenue and credit metric performance of the company and Moody's expectation that Q-Park will be able to achieve and then maintain credit metrics in line with the current rating over the next 12 to 18 months,” the agency said in a press release.

In 2022, Q-Park's posted short-term like-for-like revenues (STP LFL) that were 97%, and long-term like-for-like revenues (LTP LFL) that were 103% above the 2019 level. “This positive trend has also continued through the beginning of 2023. Although the number of parking transactions is still lagging behind the pre-Covid level (c.14% below the 2019 level), the company managed to reach current STP LFL revenues mainly due to its ability to increase parking charges,” Moody’s said.

In the third quarter, Q-Park fully repaid its €240 million revolver that been fully drawn since 2020.

Moody’s also noted the company shaved its Moody's adjusted gross debt/EBITDA to 8.9x in 2022 from 13.5x in 2021.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.