Moody's trims Tarkett

Moody's Investors Service said it downgraded Tarkett Participation's €900 million equivalent seven-year senior secured first-lien term loan B due 2028 and €350 million 6.5-year senior secured first-lien revolving credit facility due 2027 to B1 from Ba3. The agency also lowered Tarkett’s corporate family rating to B1 from Ba3 and its probability of default rating to B1-PD from Ba3-PD. The outlook was changed to negative from ratings under review.

“Today's rating action concludes the review initiated on March 18, following Russia's invasion of Ukraine (Caa2 ratings under review) that has exposed Tarkett to heightened geopolitical and macro uncertainties. The downgrade to B1 with a negative outlook reflects Moody's expectations that Tarkett's credit metrics will be weak compared to the levels deemed more commensurate with a B1 rating over the next 12-18 months, including Moody's adjusted debt/EBITDA above than 6x (6x in 2021),” the agency said in a press release.

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