Moody's turns Allspring view to negative

Moody's Investors Service said it changed Allspring Intermediate II LLC's and AllSpring Buyer LLC's outlook to negative from stable.

All existing ratings have been affirmed: the corporate family rating at Ba2, the probability of default rating at Ba2-PD and the senior secured term loan and revolving credit facility ratings at Ba2. Allspring Buyer, the designated borrower, is a subsidiary of Allspring Intermediate II, (parent guarantor).

The negative outlook reflects the escalation in the company's leverage and erosion in profitability. “Furthermore, uncertainty remains about the trajectory of net flows, especially long-term flows. The outlook change reflects the risk that Allspring will not return to credit metrics consistent with a Ba2 rating over the next 12-18 months,” Moody’s said in a press release.

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