Moody’s raises Creative Artists

Moody's Investors Service said it upgraded Creative Artists Agency, LLC's corporate family rating and first-lien credit facility rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

“The upgrade reflects CAA's strong recovery from the pandemic, which led to a substantial reduction in leverage (currently estimated at 5.5x excluding Moody's standard lease adjustments), an improved liquidity position, and Moody's expectation of good revenue and profitability growth through 2023. The acquisition of talent agency, International Creative Management LLC (ICM) is currently pending regulatory approval and will be funded in part with additional debt, but Moody's expects pro forma leverage levels will remain consistent with the B2 CFR,” the agency said in a press release.

The outlook remains stable.

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