Moody’s cuts KeyLoop loans

Moody's Ratings said it affirmed the B3 long-term corporate family rating and B3-PD probability of default of Concorde Midco Ltd. (Keyloop).

The agency downgraded the instrument rating of the increased €817.5 million senior secured first-lien term loan and the €60 million senior secured first-lien revolving credit facility issued by Concorde Lux Sarl to B3 from B2.

The outlook of both entities was changed to positive from stable.

Moody’s said the actions reflect the improved credit metrics resulting from the financing structure of the acquisition of the Automotive Transformation Group, and the repayment of the existing second-lien loans which removes the cushion to the first-lien debt.

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