Moody’s alters NorthPole view to negative

Moody’s said it changed the outlook for NorthPole Newco Sarl to negative from stable.

“The change in outlook reflects the slowdown of new license sales driven by the strict lockdowns that were implemented in Israel and restrict the company’s global sales activities. As a result, EBITDA and liquidity deteriorated in the first half of 2020 and the second lockdown in Israel which has been announced in September further increases the uncertainty of a swift recovery,” Moody’s said in a press release.

The agency affirmed the B2 ratings on NorthPole and its $300 million and €176.96 million senior secured first-lien term loan B facilities maturing in March 2025 and the $30 million senior secured revolving credit facility due March 2024.

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