Moody’s cuts Technicolor

Moody’s Investors Service said it downgraded Technicolor SA’s corporate family rating to B3 from B2 and to B3-PD from B2-PD the probability of default rating.

Moody’s also downgraded to B3 from B2 the ratings on the group’s senior secured term loans and senior secured term loan B maturing 2023.

“The downgrade to B3 reflects Technicolor’s weaker actual operating performance and cash flow generation in the first half of 2019, but more importantly the expectation of a limited improvement potential in light of an increasingly weakening macroeconomic environment in Technicolor’s key markets,” said Moody’s in a press release.

The outlook remains negative.

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