Moody’s changes CAR outlook to stable

Moody's Investors Service said it affirmed CAR Inc.'s corporate family rating and senior unsecured rating at B3 and changed the outlook to stable from negative.

"The rating affirmation with a stable outlook reflects our expectation that CAR's liquidity and maturity profile will improve with the company's imminent redemption of its 2024 U.S. dollar bond, which further underscores the company's track record of refinancing," said Gerwin Ho, a Moody's vice president and senior credit officer, in a press release.

"The stable outlook reflects Moody's expectation that CAR's operations will continue to gradually improve driven by recovering domestic travel demand. This rebound will support the company's earnings, reduce leverage and improve its ability to refinance its short-term debts," Ho added.

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