Moody’s alters Asterix view to positive

Moody’s Investors Service said it revised its outlook for Asterix HoldCo GmbH, the parent company of the Quality Group GmbH (TQG), and its debt-issuing subsidiary Asterix AcquiCo GmbH to positive from stable.

"The positive outlook reflects continued strong operating performance and significant improvement in credit metrics, with financial leverage expected to remain around 2x in the next 12 to 18 months, absent any large debt funded distributions or acquisitions," said Valentino Balletta, a Moody's analyst and lead analyst for TQG, in a press release.

"However, while TQG's credit quality is also supported by its solid cash flow generation profile, the rating remains constrained by the company's modest but growing scale, narrow business focus and relative concentration in Germany, as well as some inherent risks related to its influencer-led marketing business model," Balletta added.

Moody’s also affirmed the B2 ratings on the company and its senior secured loans.

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