Moody’s ups Arvos default rating

Moody’s Investors Service said it affirmed Arvos Midco Sarl’s Caa1 corporate family rating and upgraded its probability of default rating to Caa1-PD/LD from Caa3-PD. At the same time, Moody’s appended the PDR with the /LD (limited default) designation.

Concurrently, Moody’s withdrew the Caa1 ratings of the backed first-lien senior secured term loan B maturing in August 2021 and the backed senior secured revolving credit facility maturing in May 2021 and gave a new Caa1 rating to the backed senior secured first-lien term loan B maturing in August 2023 and the backed senior secured revolving credit facility maturing in May 2023 at Arvos Bidco Sarl.

“The affirmation of the Caa1 CFR and the upgrade of the PDR by two notches to Caa1-PD/LD reflect the successful conclusion of Arvos’ amend and extend proposal initially put forward to lenders in October 2020. This resolves the near-term refinancing risk because the original maturities of the RCF and first-lien term loan in 2021 are now extended by two years,” the agency said in a press release.

The outlook remains negative.

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