Moody's pares Pronovias

Moody's Investors Service said it downgraded the corporate family rating of CatLuxe Acquisition Sarl (Pronovias) to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Concurrently, the agency downgraded CatLuxe Sarl's senior secured bank credit facilities, consisting of a €215 million term loan B and a €45 million revolving credit facility to B3 from B2. The outlook remains negative on both entities.

"The decision to downgrade Pronovias and maintain the negative outlook reflects the rapid and widening spread of the coronavirus outbreak and our expectations that operational disruptions associated with the outbreak will further weaken the company's liquidity, " said Guillaume Leglise, Moody's lead analyst for Pronovias and an assistant vice president, in a press release.

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