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Moody's moves Mooney view to negative
Moody's Investors Service said it changed the outlook to negative from stable and affirmed Mooney Group SpA's B2 corporate family rating and B2-PD probability of default rating. Concurrently, the agency also affirmed the B2 rating on the company's €530 million senior secured notes due 2026.
"The change in outlook to negative reflects the company's weaker-than-expected financial performance over 2020 and 2021, characterized by limited revenue growth, lower-than-expected EBITDA and negative cumulative free cash flow (FCF), which has resulted in a weaker overall financial profile than when Mooney's ratings were first assigned in December 2019," said Fabrizio Marchesi, a Moody’s vice president and lead analyst for the company, in a press release.
"Although Moody's expects the company will improve its financial metrics to levels that are consistent with a B2 CFR over the next 12-18 months, Moody's considers that significant execution risks exist, given the company's past underperformance", added Marchesi.
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