Moody's lowers Rolls-Royce

Moody's Investors Service said it downgraded the corporate family rating of Rolls-Royce plc to Ba3 from Ba2 and the probability of default rating to Ba3-PD from Ba2-PD. Concurrently Moody's downgraded the company's long-term senior unsecured rating to Ba3 from Ba2.

Also, Moody’s lowered the rating on the notes sold under the euro medium-term note program to Ba3 from Ba2.

In explaining the downgraded, Moody’s cited the worsening outlook for the recovery in-flight hours and deliveries of commercial jet engines and forecasts for higher cash outflows in 2020 and 2021 and possibly beyond.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.