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Moody's upgrades Travelodge
Moody's Investors Service said it upgraded to B3 from Caa1 the corporate family rating and to B3-PD from Caa1-PD the probability of default rating of Thame and London Ltd. (Travelodge). Concurrently, Moody's raised to B3 from Caa1 the instrument rating of the £440 million backed senior secured notes due 2025 issued by TVL Finance plc and to Ba3 from B1 the instrument ratings of the £40 million backed senior secured multicurrency revolving credit facility and £30 million backed senior secured letter of credit facility issued by Full Moon Holdco 7 Ltd.
“The upgrade reflects Travelodge's strong results achieved this year ahead of the Moody's previous expectations. The recovery was supported by a combination of strong average daily rate growth and occupancy, which came from both leisure and business customers and was well ahead of the U.K.'s broader lodging market,” the agency said in a press release.
Travelodge’s nine months' revenue to September reached £669 million, 23% higher year-on-year compared with the pre-pandemic 2019 while Travelodge's Moody's adjusted EBITDA grew by close to 30% compared to 2019, the agency noted.
The outlook on all ratings remains stable.
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