Moody’s trims Cimpress

Moody's Investors Service said it downgraded the corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD for Cimpress NV.

The agency also downgraded its ratings for the company's senior secured credit facilities to Ba2 from Ba1 and senior unsecured notes to B2 from B1.

Moody's affirmed the company's speculative grade liquidity rating at SGL-1.

The outlook is stable.

The agency said the downgrades follow Cimpress' announcement that it will be purchasing 99% of BuildASign in a debt-funded transaction, and that financial risk tolerance has increased and leverage, as adjusted by Moody’s, is likely to remain above 3x for the foreseeable future.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.