Moody's lowers Vantage

Moody's Investors Service said it downgraded the first-lien senior secured bank credit facility rating of Victory Buyer LLC (Vantage) to B3 from B2. The agency also lowered the corporate family rating and probability of default rating to Caa1 and Caa1-PD, respectively from B3 and B3-PD.

The downgrade was driven by an expectation of financial leverage in the 9x to 10x range over the next 12 to 18 months, including Moody's standard adjustments, amid lower margins and free cash flow than previously estimated due to inflationary cost pressures and supply chain headwinds, the agency said.

On the plus side, Moody’s noted Vantage’s strong EBITDA margins and its stable revenue stream.

The outlook is stable.

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