Moody's changes WildBrain view to stable

Moody's Ratings said it changed the outlook for WildBrain Ltd. to stable from positive and affirmed the B3 corporate family rating, B3-PD probability of default rating and B2 rating on the senior secured bank credit facilities. Moody's Ratings also downgraded WildBrain's speculative grade liquidity rating to SGL-4 from SGL-2.

"The outlook change to stable from positive reflects the reduction in WildBrain's 2024 guidance due to delays in greenlighting of projects," said Mikhil Mahore, an analyst at Moody's Ratings, in a press release.

Moody’s lowered the SGL rating because the company has sources of around C$110 million through to Q2 2025 compared to uses of around C$145 million.

The agency also noted WildBrain has about C$40 million available under its US$40 million (about C$54 million) revolver expiring in March 2026, but the maturity could be moved up to June if convertible debentures are not converted.

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