Moody's assigns B2 to Avison loan

Moody's Investors Service said it assigned a B2 rating to Avison Young (Canada) Inc.'s new $11 million senior secured delayed-draw first-lien term loan due in January 2026. Moody’s revised the outlook to negative from stable.

Concurrently, the agency affirmed all its Avison Young ratings, including its B2 corporate family rating, B2-PD probability of default and its B2 senior secured bank credit facility rating.

“The negative rating outlook reflects that Avison Young has been operating with weakened credit metrics, even before the 2020 global pandemic outbreak, relative to its existing rating category. Further, the negative outlook also considers the potential for a delay in full recovery after the company suffered a deep revenue shortfall in its business during the second half of 2022 due to macroeconomic headwinds, particularly in its capital markets business along with macropolitical events in the U.K. that shut down public funding,” the agency said in a press release.

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