Moody's turns Travelodge view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the Caa1 corporate family rating and Caa1-PD probability of default rating of Thame and London Ltd. (Travelodge).

“The change in outlook reflects Moody's expectations of the company achieving a continued revenue recovery in 2022 thanks to its focus on the outside of London leisure and business travel segments which proved reasonably resilient throughout the pandemic. The action also reflects Travelodge's improved cash position, which should give the company sufficient resources to go through the low season and invest into the business,” Moody’s said in a press release.

Concurrently, Moody's affirmed the Caa1 instrument rating of the £440 million of backed senior secured notes due 2025 issued by TVL Finance plc. The agency also affirmed the B1 instrument ratings of the £40 million backed senior secured revolving credit facility, £30 million backed senior secured letter of credit facility issued by Full Moon Holdco 7 Ltd. and £60 million backed senior secured term loan borrowed by Travelodge Hotels Ltd.

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