Moody’s changes Cabot view

Moody’s Investors Service said it confirmed the local and foreign currency senior secured debt ratings of Cabot Financial (Luxembourg) II SA and Cabot Financial (Luxembourg) SA at B1.

At the same time, the agency affirmed Cabot Financial Ltd.'s local and foreign currency B1 corporate family ratings and will withdraw its foreign currency corporate family rating for Moody's own business reasons.

The outlook was changed to stable from rating under review.

The action concludes the review opened on Dec. 12, 2018 for the senior secured debt ratings following the application of Moody's loss given default analysis for speculative-grade companies.

The agency said the affirmation reflects Cabot's good profitability and Moody's expectation that its interest coverage will improve over the next 12 to 18 months, driven by increasing EBITDA while interest expenses stabilize.

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