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Moody's changes Voyage view to negative
Moody's Investors Service said it revised its outlook for Voyage Bidco Ltd. and Voyage Care BondCo plc to negative from stable.
“The rating action reflects the company's weak credit metrics resulting from a challenging fiscal 2023 (ended March 31, 2023). The company's performance in fiscal 2023 was negatively impacted by significant macroeconomic challenges, most notably the tight labor market in the U.K. and the high inflationary environment. This constrained EBITDA generation pushing its Moody's adjusted debt/EBITDA up to 7.5x in fiscal 2023 from 5.7x in 2022,” the agency said in a press release.
Moody’s said it also its B2 ratings on Voyage Bidco and Voyage BondCo’s £250 million of backed senior secured notes.
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