Moody’s alters Evoca view to negative

Moody’s Investors Service said it changed the outlook on Evoca SpA to negative from stable.

The company’s operational performance year-to-date September was clearly below Moody’s expectations in April 2020 when it downgraded Evoca to B3 with the stable outlook, both in EBITDA and free cash flow generation, the agency said.

“The change of the outlook to negative from stable primarily reflects an increasing concern of Moody’s about the speed of Evoca’s deleveraging to a more sustained level and a return to a meaningful positive free cash flow (FCF) generation in the next 12-18 months,” the agency said in a press release.

Concurrently, Moody’s affirmed all Evoca’s ratings, including its B3 corporate family rating, B3-PD probability of default rating and B3 rating of the senior secured notes.

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