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Moody’s changes WMG Acquisition view
Moody's Ratings said it affirmed WMG Acquisition Corp.'s Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior secured note and credit facility debt ratings.
The SGL-1 speculative grade liquidity rating is unchanged.
The outlook was changed to positive from stable.
“The affirmation of the CFR and change to a positive outlook reflect WMG's strong execution and improved operating performance which is likely to continue in 2024 driven in part by good streaming music trends,” the agency said in a news release.
“WMG's plan to reduce costs in slower growth business lines and reinvest a portion of the savings in higher growth areas will also support profit margin improvement and lower leverage.”
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