Moody's downgrades Comexposium

Moody's Investors Service said it downgraded the corporate family rating of Cassini SAS, the ultimate parent of Comexposium Holding, a France-based trade fair and exhibitions organizer, to Ca from Caa1 and its probability of default rating to Ca-PD from Caa1-PD.

Concurrently, Moody's downgraded to Ca from Caa1 the ratings of the €483 million guaranteed senior secured first-lien term loan B due 2026 and the €90 million guaranteed senior secured first-lien revolving credit facility due 2025.

The outlook remains negative.

“The downgrade was prompted by the company's announcement that it has entered into safeguard procedures which will likely lead to a missed payment and debt restructuring for Comexposium,” said Victor Garcia Capdevila, a Moody's assistant vice president – analyst and lead analyst for Cassini, in a news release.

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