Moody's stabilizes Planet outlook

Moody's Investors Service said it changed the outlook for Franklin UK Midco Ltd. (Planet), Franklin UK Bidco Ltd. and Fintrax International Holdings Ltd. to stable from negative and affirmed their ratings, including the B3 backed senior secured instrument ratings of term loans of cumulatively €379.9 million due 2026 and the €65 million revolving credit facility due 2025 issued by Franklin UK Bidco and term loans of €114.2 million due 2026 issued by Fintrax.

“The stable outlook reflects Moody's expectation of continued improvement in Planet's operating performance in the next 12-18 months while liquidity remains adequate, but prone to seasonality and material working capital swings as the VAT refund business recovers,” the agency said in a press release.

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