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Moody's downgrades Takko
Moody's Investors Service said it downgraded the corporate family rating of Takko Fashion Sarl to Caa3 from B3, and its probability of default rating to Ca-PD from B3-PD.
Moody's also downgraded to Caa3 from B3 the rating on the €510 million of senior secured notes due in November 2023 issued by Takko Luxembourg 2 SCA, a wholly owned subsidiary of Takko. The outlook is negative on both entities.
The agency completed its review for downgrade it started on March 26.
Moody's said the downgrade follows the company's decision to suspend the interest payment on the notes that was due on Friday.
“If the company does not pay the coupon before the end of the 30-day grace period, Moody's will consider this as a default. In this event, Moody's expects to assign a /LD to the PDR at that time, Moody’s said in a press release.
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