Moody's alters Median outlook to stable

Moody's Investors Service said it lowered its outlook for Median BV to stable from positive and affirmed its B3 ratings on the company and its €500 million senior secured term loan, £250 million senior secured term loan and €120 million senior secured multicurrency revolver.

“The change in outlook to stable reflects Median's weaker-than-expected performance in 2022 in terms of organic growth, profitability margin development and free cash flow (FCF) generation. The action also reflects Moody's expectation that key credit metrics will improve to levels commensurate with the rating guidance for a B3 rating over the next 12 to 18 months,” Moody’s said in a press release.

The agency said it anticipates that the company's Moody's-adjusted gross leverage will decline below 8x during 2024 while Moody's adjusted interest coverage will improve above 1x.

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