Moody’s gives Alludo B3

Moody’s Ratings said it assigned B3 corporate family and B3-PD probability of default ratings to Cascade Parent Ltd. (Alludo) and withdrew those ratings from Corel Corp. The agency affirmed the B2 rating on Corel Corporation's backed senior secured first-lien bank credit facility.

Corel is one of Cascade Parent’s operating companies, but does not file financial statements so Moody's analyzes the company using Cascade Parent's financial statements. Hence the reassignment of the CFR and PDR, the agency explained.

Cascade Parent guarantees the instrument ratings and will remain at Corel because it is the borrower.

Corel’s stable outlook is unchanged.

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