Moody's upgrades Parkdean

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 Richmond UK Holdco Ltd. (Parkdean). Concurrently, the agency boosted the rating on the outstanding £538.5 million backed senior secured first-lien term loan B due 2024 and the £100 million backed senior secured first-lien revolving credit facility due 2023 to B2 from B3, which are borrowed by Richmond UK Bidco Ltd.

“The ratings upgrade reflects (1) strong recovery in operating performance especially during Q3 2021 and Moody's expectations of positive market dynamics and staycation trends that will sustain good operating performance and (2) Moody's expectations of improved credit metrics and adequate liquidity in the next 12-18 months. Moody's adjusted leverage is expected around 7x for year-end 2021 and should gradually improve in the next 12 to 18 months,” the agency said in a press release.

The outlook of both entities remains stable.

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