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Moody’s drops GoTo Group
Moody's Investors Service said it downgraded GoTo Group, Inc.'s corporate family rating and the ratings for its first-lien credit facilities and senior secured notes to B3 from B2.
The outlook is negative.
The agency said the action reflects its expectations for GoTo Group's weak profitability at least over the next 12 months.
Moody’s said it expects adjusted EBITDA and cash flow from operations through June 2023 will decline significantly over prior year levels.
GoTo Group's adjusted EBITDA declined 22% in the second quarter of 2022 over prior year, driven by revenue declines and an increase in operating expenses, the agency said.
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