Moody's pares Parkdean

Moody's Investors Service said it downgraded to Caa1 from B3 the corporate family rating and to Caa1-PD from B3-PD the probability of default rating of Richmond UK Holdco Ltd. (Parkdean).

Moody's also downgraded to B3 from B2 the instrument ratings of the £538.5 million outstanding senior secured first-lien term loan due 2024 and the £100 million senior secured first-lien revolving credit facility due 2023, which are co-borrowed by Richmond UK Bidco Ltd. and Richmond Cayman LP. The outlook on all ratings is changed to negative from stable.

“The rating action was prompted by the very sharp decline in bookings and leisure sites closures driven by both fears and travel restrictions since the outbreak of coronavirus started during January 2020. From a regionally contained outbreak the virus has rapidly spread to many different regions severely denting air travel and the lodging sector,” the agency said in a press release.

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