Moody's cuts Farfetch

Moody's Ratings said it downgraded Farfetch Ltd.’s probability of default rating, the previous owner of Farfetch’s business, to D-PD from C-PD.

Farfetch is now in liquidation. Bankruptcy proceeds are a default under Moody's definitions. In due course the rating agency expects to withdraw Farfetch’s ratings, the agency said.

Concurrently Moody's affirmed Farfetch’s C corporate family rating and the Caa2 rating of the $600 million senior secured first-lien term loan borrowed by Farfetch's former subsidiary Farfetch US Holdings, Inc. The outlook for both companies has been changed to stable from negative. The outlook reflects the view that the company's credit quality will not change in liquidation and that Farfetch US, Surpique LP will if necessary ensure the company’s liquidity.

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