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Moody's alters idverde view to negative
Moody's Investors Service said it changed the outlook to negative from stable on Armorica Lux Sarl (idverde). The agency also affirmed the B3 corporate family rating, the B3-PD probability of default rating and the B3 rating on the 335 million senior secured first-lien term loan B due 2028 and the 50 million senior secured first-lien revolving credit facility due 2028.
The change in outlook to negative follows the announcement of the company's 2021 full year unaudited results to its lenders, which were weaker than Moody's expected, due to a number of material and unexpected costs, including some exceptional items. In FY2021, Moody's adjusted EBITDA was 59 million (33 million including all one-off costs) and lower than our previous forecast of 67 million, while adjusted debt was 540 million compared with the 487 million that we forecast. This led to an adjusted debt/EBITDA of 9.1x for FY2021 significantly higher than the 7.3x forecasted in July 2021 when Moody's assigned the rating, the agency said in a press release.
The significance and unexpected nature of costs of these costs in such a short period of time also raises issues concerning management's credibility, track record and transparency of information and its controls and processes, Moodys said.
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