Moody’s revises AnQore view to negative

Moody’s Investors Service said it changed its outlook for AnQore (ACRI I BV) to negative from stable and affirmed the B2 ratings on the company and its €300 million senior secured term loan and the €55 million senior secured revolving credit facility issued through its subsidiary AnQore BV.

“The negative outlook reflects a significant deviation in AnQore's 2023 performance compared to Moody's previous expectations, resulting in a higher-than-previously forecasted leverage ratio and a tight headroom under its financial covenant. Also, liquidity is somewhat worse than expected, albeit still adequate, due to the combination of underperformance and higher-than-expected costs related to the credit facility refinancing transaction. The company expects to be in compliance with its financial covenant in Q3-2023.

“The current rating incorporates the expectation that the company will meet the covenant requirement, however Moody's believes that there is a limited buffer for downside risks or unexpected cash shortfalls,” the agency said in a press release.

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