Moody's downgrades Travelex

Moody's Investors Service said it downgraded the corporate family rating of a TP Financing 3 Ltd. (Travelex) to Ca from Caa1 and the company's probability of default rating to Ca-PD from Caa-PD. Moody's also downgraded to Ca from Caa1 the rating assigned to the €360 million of 8% senior secured notes due 2022 issued by Travelex Financing plc, a subsidiary of Travelex. The outlook on all ratings remains negative.

This rating action follows the announcement by Finablr plc, Travelex's parent, on Tuesday it was preparing to undertake contingency planning for a potential insolvency appointment following an earlier statement on Monday of the suspension of listing, liquidity pressures, CEO resignation and the establishment of the committee of independent non-executive directors as well as the appointment of Kroll to undertake an independent review.

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