Moody's places WME IMG on review

Moody's said it placed WME IMG, LLC's ratings on review for downgrade, including the B2 corporate family rating and the B2 first-lien credit facility ratings (including a senior secured revolver and term loan issued by its subsidiary) following weaker than expected performance.

The outlook was changed from stable to ratings under review.

“The review for downgrade reflects weaker than expected performance due to lower levels of profitability from multi-year international media rights contracts that will lead to elevated leverage levels going forward,” Moody’s said in a news release.

“Leverage levels have increased to 8.4x as of Q3 2018 from 7.3x as of Q4 2017 (including Moody's standard adjustments).”

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