Moody's alters Cerba outlook to negative

Moody's Investors Service said it changed the outlook for Chrome HoldCo (Cerba) and Chrome BidCo to negative from stable.

“Today's rating action reflects the high risk that Cerba's credit metrics will remain outside Moody's expectations for its B2 rating over the next 12-18 months, due primarily to the likely steeper decline in Covid-19 testing revenues than Moody's had expected combined with the number of headwinds the industry is already facing,” the agency said in a press release.

Concurrently, the agency affirmed the B2 corporate family rating and B2-PD probability of default rating and the B1 instrument ratings on the senior secured term loans, the senior secured notes and the senior secured revolving credit facility issued by Chrome BidCo. Concurrently, Moody's affirmed the Caa1 rating on the backed senior unsecured notes issued by Cerba.

© 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.