Moody’s rates Yahoo B2

Moody's Investors Service said it assigned to AP Core Holdings II, LLC (dba Yahoo) a B2 corporate family rating, a B2-PD probability of default rating and a B2 rating to its senior secured credit facility (consisting of a $150 million revolving credit facility and term loan B-1 and B-2). The outlook is stable.

The agency said it will withdraw the B2 ratings on College Parent, LP and the Caa1 rating on the senior unsecured notes at College Holdings II, LLC which were previously repaid. The stable outlooks will also be withdrawn.

AP Core is a subsidiary of College Parent.

“AP Core is a leading global online content aggregator and web services provider. The online portal's web properties include: Search, Consumer (Yahoo Mail, Yahoo Finance, Yahoo News, Yahoo Sports, Yahoo Entertainment and Yahoo Lifestyle). In September 2021, the assets of Verizon Media Group (VMG), which was a division of Verizon Communications Inc., were reorganized and purchased by Apollo Global Management, Inc. in a buyout transaction totaling approximately $4.6 billion,” Moody’s said in a press release.

The agency said it sees AP Core benefiting from cost savings and innovation to improve its service offerings. “Changes to its ad tech strategy and commercial agreements with Taboola and Google ad manager will lead to better monetization and lower costs over time.”

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