Moody's cuts Enterprise Inns

Moody's Investors Service said it downgraded Enterprise Inns plc corporate family rating to B1 from Ba3, the probability of default rating to B2 from B1 and the rating of £275 million senior secured floating-rate notes due 2031 to Ba2 from Ba1.

At the same time, the agency said that the ratings were placed on review for further downgrade.

The rating downgrade reflects Moody's expectation that Enterprise Inns' performance is unlikely to improve sufficiently over the next 12 to 18 months to meet its target credit metrics for stabilizing the rating at its former level, the agency said.

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