Moody’s downgrades InfoPro

Moody’s Investors Service said it downgraded the corporate family rating of IPD 3 BV (InfoPro) to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

Concurrently, Moody’s downgraded to B3 from B2 the rating of the company’ s €475 million of senior secured notes due 2022 and the €175 million of senior secured floating rate notes due 2022.

The agency changed the outlook to stable from ratings under review. This action concludes the review for downgrade initiated on April 1, Moody’s said.

“The downgrade reflects our expectation of a deterioration in IPD’s operating and financial performance driven by the cancellations and postponements of trade and exhibition shows. It also reflects the contraction in the business-to-business information services due to the knock-on effects of the coronavirus outbreak on the global macroeconomic environment and the negative effects on the financial outlook of many small and medium enterprises, which form the largest part of IPD’s customer base,” said Victor Garcia Capdevila, a Moody’s assistant vice president and lead analyst for IPD, in a press release.

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