Moody's alters Vermaat outlook to stable

Moody's Investors Service said it changed the outlook for Vincent Midco BV (Vermaat) to stable from negative and affirmed the B3 corporate family rating and B3-PD probability of default rating.

Concurrently, the agency revised the outlook to stable from negative and affirmed the B2 ratings on the backed senior secured first-lien term loan B and backed senior secured multicurrency revolving credit facility both due 2026 at Vincent Bidco BV.

“Today's rating action reflects Moody's expectations that the continued recovery in revenue and earnings following the lifting of sanitary restrictions in Vermaat's main countries of operations in March and April 2022 will support deleveraging to around 7x (Moody's adjusted leverage) by 2023 and that Moody's-adjusted free cash flow/debt will begin to turn positive. These level of credit metrics will better position Vermaat's CFR in the B3 category, although still at the weaker end,” Moody’s said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.