Moody's downgrades Agile

Moody's Investors Service said it downgraded Agile Group Holdings Ltd.'s corporate family rating to B2 from B1 and its senior unsecured rating to B3 from B2.

Moody's also placed the ratings on review for further downgrade. The previous rating outlook was negative.

"The downgrade reflects Moody's concerns over Agile's increased refinancing uncertainties and governance risks following its recent announcement of a delay in reporting its 2021 audited financials," said Kaven Tsang, a Moody's senior vice president, in a press release.

"The review for downgrade reflects the uncertainty over Agile's ability (1) to raise new funding, through new borrowing or asset disposals, to manage its refinancing needs in the next six to 12 months, and (2) to publish audited financial statements in a timely manner," added Tsang.

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