Moody's turns Cirque outlook to positive

Moody's Ratings said it changed Cirque du Soleil Holding USA NewCO, Inc.'s outlook to positive from stable and affirmed the company's B2 corporate family rating and the B2-PD probability of default rating. The agency also affirmed the B2 rating to both Cirque's backed senior secured term loan and the backed senior secured multi-currency revolving credit facility.

"The change in rating outlook to positive reflects the healthy demand for Cirque's shows that has driven higher than expected revenue and EBITDA in 2023, which if sustained, will result in debt/EBITDA remaining below 4x," said Dion Bate, a Moody's vice president, in a press release.

Moody’s noted Cirque’s revenue grew 40% for the last 12 months ended Oct. 30, but it forecasts revenue and EBITDA growth will moderate in 2024.

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