Moody’s slashes Farfetch

Moody's Investors Service said it downgraded Farfetch Ltd.’s $600 million senior secured first-lien term loan, borrowed through subsidiary Farfetch US Holdings, Inc., to B3 from B1. The agency also cut Farfetch Ltd.’s corporate family rating to Caa2 from B3 and probability of default rating to Caa2-PD from B3-PD.

Concurrently, Moody's placed the ratings on review for downgrade. Previously, the outlook on both entities was stable.

The downgrades follow Farfetch reporting it would not release its third-quarter results and that prior forecasts and guidance should no longer be relied upon, the agency said.

“Moody's considers this has resulted in increased uncertainty about the sustainability of the company's capital structure,” the agency said in a press release.

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