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Moody’s adds LD to Aston Midco rating
Moody’s Investors Service said it appended a limited default (LD) designation to Aston Midco Ltd.'s (Advanced) Caa1-PD probability of default rating changing it to Caa1-PD/LD. The agency will remove the LD designation from the company's PDR after three business days.
On Sept. 29, Advanced, financial sponsors Vista Equity Partners and BC Partners, and participating lenders agreed to a support package to ease the company's ongoing liquidity pressures.
The rating action follows the extension of maturity of the £75 million senior secured first-lien revolving credit facility borrowed by Aston FinCo Sarl and Aston US FinCo LLC to July 2026 from October 2024 and a £50 million equity investment from funds managed by Vista Equity Partners and BC Partners, its majority shareholders, which resulted in improved liquidity, a credit positive, the agency said.
Moody’s said it considers the extension a distressed exchange.
“As such, the transaction constitutes a default under the rating agency's definition, which encompasses events whereby issuers fail to fulfill debt service obligations outlined in their original debt agreements,” the agency said in a press release.
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