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Moody’s lowers TES Global
Moody’s Investors Service said it downgraded TES Global Holdings Ltd.’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.
The agency also said it downgraded the ratings of the £200 million senior secured notes due 2020 and the £100 million senior secured floating-rate notes due 2020 issued by TES Finance plc to B3 from B2.
The outlook is stable.
The downgrades follow the release of unaudited management accounts for the first half of 2016, Moody’s said.
In the 12 months that ended Feb. 29, reported EBITDA adjusted by management reduced to £44 million from £51 million in fiscal year 2015 and £56 million in fiscal year 2014 due to accelerating investment in TES’s platform for teaching content and weakening advertising volumes, the agency said.
Advertising sales were negatively affected by the uncertainty brought about by the United Kingdom general election in May 2015, Moody’s said.
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