Moody’s changes Albea view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the B2 corporate family rating and the B2-PD probability of default rating of Albea Beauty Holdings Sarl. Albea Beauty Holdings SA is the top entity of the restricted banking group.

Moody’s also confirmed the B2 rating on the €450 million and the $408 million ($142 million outstanding) senior secured term loans due April 2024 and on the $105 million revolving credit facility due April 2023

This rating action concludes the review for downgrade started on April 14, the agency said.

“The negative outlook reflects the risk of a prolonged subdued operating performance from the coronavirus impact and the uncertainty over the use of the remaining proceeds of $134 million currently sitting as cash on the balance sheet,” said Donatella Maso, a Moody’s vice president, senior analyst and lead analyst for Albea, in a press release.

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