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S&P cuts Aston Martin Lagonda
S&P said it lowered its ratings on Aston Martin Lagonda and its issue ratings to CCC- from CCC+. The recovery rating remains 4. Concurrently, the agency put its Aston Martin Lagonda ratings on CreditWatch with negative implications.
Aston Martin Lagonda is planning to raise £536 million in new money (before fees) via a £171 million share placement and £365 million rights issue to bolster its weak liquidity position and reset its business strategy.
“We believe that absent the successful execution of the planned placement and rights issue, AML will experience a liquidity crisis that would likely lead to a restructuring,” said S&P in a press release.
S&P plans to resolve the CreditWatch once the company has completed its placement and rights issue and it can assess and quantify the impact of Covid-19 on Aston Martin Lagonda's financial performance and liquidity position.
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