Moody’s changes Caldic view to negative

Moody's Investors Service said it changed the outlook on Pearls (Netherlands) BidCo BV (Caldic BV) to negative from stable. Concurrently, the agency affirmed Caldic's B2 corporate family rating and B2-PD probability of default rating, as well as the B1 instrument ratings on all the outstanding senior secured bank credit facilities.

“Today's change of the outlook to negative reflects Caldic's weak credit metrics, including expected pro-forma gross leverage (including full-year impact of acquisitions) of around 9x in 2023, and Moody's expectation that gross leverage will only decline towards 6x by 2025, partly offset by its good liquidity profile,” the agency said in a press release.

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