Moody’s moves Hotelbeds view to stable

Moody's Investors Service said it changed the outlook for HNVR Midco Ltd. (Hotelbeds) to stable from negative and affirmed its Caa1 corporate family rating and Caa1-PD probability of default rating. Concurrently, the agency also affirmed the Caa1 instrument ratings of the backed senior secured revolver and backed senior secured term loans issued by HNVR Holdco Ltd.

"The change in outlook to stable, from negative, reflects our expectation that Hotelbeds' operating performance and financial metrics will continue to improve following the significant downturn caused by the coronavirus pandemic," said Fabrizio Marchesi, a Moody's vice president, senior analyst and lead analyst for the company, in a press release.

Moody's said it estimates the company’s total transaction value will climb towards €6.7 billion in fiscal 2023 up from €5.8 billion in 2022, with company-adjusted EBITDA increasing towards €210 million in 2023 and €240 million in 2024, up from €155 million in 2022.

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