Moody’s revises Iceland Bondco view to negative

Moody’s Investors Service said it revised the outlook of Iceland Bondco plc and its parent Iceland VLNCo Ltd. to negative from stable. Concurrently, the rating agency affirmed the parent’s B2 corporate family rating and B2-PD probability of default rating and the B2 ratings of Bondco’s senior secured notes.

Moody’s changed the outlook to reflect the possibility the parent’s profitability may keep falling over the coming quarters. “A deterioration in the company’s currently adequate liquidity profile would also lead to a downgrade,” said David Beadle, a Moody’s vice president, senior credit officer and lead analyst for Iceland VLNCo, in a press release.

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