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Moody’s downgrades Yell
Moody's Investors Service said it downgraded the long-term corporate family rating of Owl Finance Ltd. to Caa1 from B3 as well as its probability of default rating to Caa1-PD from B3-PD.
Owl Finance is the indirect 100% shareholder of Yell Ltd.
Moody's also downgraded the rating for the £214 million of outstanding backed senior secured notes due 2023 issued by Yell Bondco plc to Caa1 from B3.
The outlook is stable.
“The ratings downgrade reflects Yell's challenged operating performance resulting in elevated Moody's adjusted gross leverage of around 5.0x expected by the end of financial year (FY) ending March 31, 2020, in the backdrop of a weakening macro-economic environment in the U.K.,” said Gunjan Dixit, a Moody's vice president, senior credit officer and lead analyst for Yell, in a news release.
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