Moody's downgrades Accolade

Moody's Investors Service said it downgraded all ratings assigned to Amphora Intermediate II Ltd. (Accolade), Amphora Australia Holdings Pty Ltd. and Amphora Finance Ltd. to B3 from B2. The outlook on all ratings is stable.

"The downgrade reflects slower than expected deleveraging due to a delay in Berri project execution and a high level of restructuring costs since Carlyle's acquisition," said Egor Nikishin, a Moody's lead analyst for Accolade, in a press release.

Accolade reported weaker than expected results in the six months to December 2019 with the company reported EBITDA declining to A$42.1 million from A$48.7 million in the prior year. Moody's-adjusted leverage (debt / EBITDA) increased to 7.1x as of December from 6.6x at June.

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