(Tiper Stock Exchange) – Moody’s confirmed the corporate family rating (CFR) B3 Of Cerved, a company active in the field of financial information and services, has assigned a B3 rating to the 195 million euro tap issue of Cerved’s current senior secured floating rate bonds maturing in 2029 and confirmed the B3 rating on the existing portion of 1.050 billion euros of the same instrument which now amounts to 1.245 billion euros. L’outlook on all the rating has been changed from positive to stable.
“Today’s outlook change to stable reflects the negative impact on Cerved’s financial profile of the 195 million euro tap issuance secured by senior secured floating rate notes by the company, as well as our revised expectations for growth, deleveraging and free cash flow (FCF) generation over the next 12-18 months,” said Fabrizio Marchesi, Moody’s lead analyst for Cerved.
“Our estimates have been revised downwards due to the financial performance of the company in 2022 lower than expected – he added – However, we also continue to consider Cerved’s commercial profile to be solid, which is a key factor supporting the company’s CFR B3″.