Moody's gives B3 to Five Point Holdings

Moody's Investors Service said it gave a B3 corporate family rating, B3-PD probability of default rating and SGL-2 speculative grade liquidity rating to Five Point Holdings, LLC.

Concurrently, the agency withdrew Five Point Operating Co., LP's B3 CFR, B3-PD and SGL-2 ratings. All other ratings are affirmed, including the B3 senior unsecured bond rating. The outlook has been changed to stable from positive.

"The change in outlook reflects Moody's expectations for increased operating and financial volatility stemming from higher inflation, heightened geopolitical risks and moderating housing demand," said Emile El Nems, a Moody’s vice president and senior credit officer, in a press release.

"The change in outlook also considers lower sales during 2022, as the new management team requires time to develop a new multi-year strategy," Nems added.

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