Moody’s downgrades Wereldhave

Moody’s Investors Service said it withdrew Wereldhave NV’s Baa3 issuer rating following its downgrade to Ba2, as per the agency’s practice for corporates with non-investment-grade ratings, and assigned a new corporate family rating of Ba2.

Concurrently, Moody’s downgraded to Ba2 from Baa3 the rating on the outstanding senior unsecured notes.

Moody’s changed the outlook to negative from ratings under review.

This rating action concludes a review for downgrade, the agency started on April 8, Moody’s said.

“The downgrade of Wereldhave’s ratings reflect the combination of a sustained weaker operating environment even post coronavirus interruptions through a weakened retail sector and accelerated changes in consumer behavior, reduced access to capital, and expected leverage increases,” said Oliver Schmitt, a vice president and senior credit officer at Moody’s, in a press release.

“A very high degree of uncertainty around the retail environment and further downside risk to leverage and operating performance contribute to the negative outlook of the ratings,” Schmitt said.

© 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.