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Moody's trims THG Operations
Moody's Investors Service said it downgraded the corporate family rating of THG Operations Holdings Ltd.’s guaranteed senior secured bank credit facilities comprising a €600 million term loan B and £170 million revolving credit facility to B2 from B1. The agency also trimmed THGO’s corporate family rating to B2 from B1 and its probability of default rating to B2-PD from B1-PD.
“Today's rating action reflects Moody's view that lower profit growth in 2023 than the rating agency previously expected in combination with higher gross borrowings will result in the THGO's credit metrics remaining weaker than Moody's considers acceptable to maintain a B1 CFR for the company,” the agency said in a press release.
The outlook remains stable.
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