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Moody's downgrades Very Group
Moody's Investors Service said it downgraded the corporate family rating of the Very Group Ltd. to B3 from B2 and its probability of default rating to B2-PD from B1-PD. The agency also downgraded to B3 from B2 the rating of the £550 million senior secured notes due 2022 issued by the company's subsidiary, the Very Group Funding plc. The outlook was revised to stable from rating under review and the rating action concludes the review process that started on Oct. 24.
"The downgrade reflects the company's persistently high leverage which we expect to be sustained this year due to the combination of soft earnings growth and higher debt," said David Beadle, a Moody's senior credit officer and lead analyst for the Very Group, in a press release.
The stable outlook reflects Moody's expectations the company's credit profile will remain broadly stable over the next 12-18 months, with Moody's-adjusted gross leverage between 8x and 8.5x.
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