Moody's downgrades Q-Park

Moody's Investors Service said it downgraded Q-Park Holding BV's corporate family rating and probability of default rating to B1 and B1-PD from Ba3 and Ba3-PD, respectively. The agency also lowered the ratings on the senior secured notes due in 2025, 2026 and 2027 issued by Q-Park's direct subsidiary Q-Park Holding I BV to B1 from Ba3.

“The downgrade of Q-Park's ratings to B1 reflects the significant deterioration in Q-Park's operating performance over the last 12 months as a result of lockdown measures related to the Covid-19 pandemic, and Moody's expectations that the longer than anticipated period of mobility restrictions together with additional debt raised in the meantime by the company to protect its liquidity position will lead to credit metrics no longer commensurate with the agency's guidance for the Ba3 rating over the foreseeable future,” the agency said in a press release.

The outlook is negative.

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