Moody's cuts Riverdeep view to negative

Moody's Investors Service said it changed the outlook on the ratings of Riverdeep Holdings plc and related entities to negative from stable following the company's decision to issue an additional €75 million of senior notes to expand the existing €225 million issue of senior notes.

The decision to assign a negative outlook is due to concerns arising as a result of higher-than-anticipated gross debt levels and weaker-than-anticipated operating and free cash flow performance, the agency said.

Ratings affected are: Riverdeep Holdings plc (previously Hertal Acquisitions plc)'s B2 senior implied and Caa1 senior unsecured issuer ratings; Riverdeep Group Ltd.'s B3 senior notes; and Riverdeep Interactive Learning Ltd.'s B1 senior secured bank facility.

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