Moody’s alters Flamingo view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed all ratings on Flamingo Group International Ltd.

Th confirmation includes Flamingo’s B2 corporate family rating, B2-PD probability of default rating and B2 ratings of the €280 million senior secured term loan B and €30 million senior secured revolver.

“The negative outlook reflects the risks that leverage will remain above the rating trigger for a sustained period of time, primarily due to the uncertain prospects for the flower market in Europe, potential disruptions in the company’s production in Kenia and Ethiopia and supply chain,” Moody’s said in a press release.

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