Moody’s cuts Aston Martin

Moody's Investors Service said it downgraded Aston Martin Lagonda Global Holdings plc's corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

Concurrently, Moody's has also downgraded the instrument ratings on the existing senior secured bonds issued by Aston Martin Capital Holdings Ltd. to B3 from B2.

The outlook on both entities remains stable.

“The downgrade of Aston Martin Lagonda's ratings reflects the lack of progress in terms of volume growth and profitability for 2019, following the company's trading statement, and hence continued high negative free cash flow and high leverage,” Moody’s vice president senior analyst Tobias Wagner said in a news release.

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