Moody’s moves Mobico view to negative

Moody’s Investors Service said it revised its outlook for Mobico Group plc (formerly National Express Group) to negative from stable and affirmed its ratings, including the €500 million of backed senior unsecured medium-term notes due 2031 at Baa2 and the £500 million of perpetual subordinated non-call fixed-rate reset notes at Ba1.

“Today's rating action reflects Moody's expectation that Mobico's performance and credit profile will not strengthen by the end of 2023 as previously anticipated. Following the company's profit warning on Oct. 12, 2023, which reduced its operating profit guidance by £25 million to £30 million, Moody's expects Mobico's total leverage to remain material at 4.4x at the end of 2023. This figure would correspond to a net leverage of 3.6x, slightly above the rating guidance of 3.5x,” the agency said in a statement.

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