Moody's affirms Enterprise Inns; outlook negative

Moody's Investors Service said it has affirmed Enterprise Inns plc's Ba3 corporate family rating, B1 probability of default rating and the Ba1 rating of £275 million of senior secured floating-rate notes due 2031 and changed the outlook to negative from stable.

The change in outlook reflects the difficulty Moody's said it foresees in Enterprise Inns' ability to maintain its credit metrics in line with Moody's targeted parameters.

Moody's added that it forecasts that EBITDA for the financial years 2008/09 and 2009/10 will be lower than previously envisaged.

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