Moody's trims Voodoo

Moody's Investors Service said it trimmed Stan Holding SAS' (Voodoo) corporate family rating (CFR) to B1 from Ba3 and its probability of default rating to B1-PD from Ba3-PD. Concurrently, the agency lowered to B1 from Ba3 the rating on the €220 million term loan and the €50 million revolving credit facility, both due in 2025.

"The downgrade reflects Voodoo's significant operating underperformance compared to our initial expectations when we assigned the rating in October 2020," said Agustin Alberti, a Moody's vice president, senior analyst and lead analyst for Voodoo, in a press release.

"However, the rating also takes into account the supportive fundamentals of the mobile gaming industry and the credit positive implications of the €250 million equity injection received from a new shareholder in August 2021, which will mainly be used to accelerate its growth strategy through acquisitions," added Alberti.

The outlook is stable.

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