Moody’s downgrades Travelport

Moody’s Investors Service said it downgraded Toro Private Holdings II, Ltd.’s (Travelport) corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD.

Concurrently, Moody’s downgraded Travelport Finance (Luxembourg) Sarl’s first-lien senior secured bank facilities to Caa2 from B3 and second-lien senior secured bank facilities to Ca from Caa3.

“The decision to downgrade Travelport’s ratings reflects the continued weakening in operating performance versus previous expectations leading to additional pressure on the company’s capital structure, that we perceive as unsustainable in its current form,” said Luigi Bucci, Moody’s lead analyst for Travelport, in a press release.

The outlook remains negative.

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