Moody’s alters Areas view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed the ratings of Pax Midco Spain (Areas), including the corporate family rating of B3 and the probability of default rating of B3-PD. The B3 ratings on the senior secured credit facilities at Financiere Pax SAS have also been confirmed.

“The negative outlook reflects the uncertainty as to the pace of a material recovery in Areas’ earnings over the next 12-18 months, which could result in credit metrics remaining sustainably outside the guidance to maintain the B3 CFR as outlined below and/or a drain on liquidity, which currently underpins the company’s ratings,” Moody’s said in a press release.

This concludes the review for downgrade started on June 12, the agency said.

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