Moody’s pares Stonewater

Moody's Investors Service said it downgraded the long-term issuer rating of Stonewater Ltd. to A3 from A2 and the senior secured ratings of Stonewater Funding plc to A3 from A2 and revised their outlooks to stable from negative.

“The downgrade reflects the combination of sustained lower operating performance and rising debt over the next two to three years. Operating performance will be slow to improve from a low point in fiscal 2023 given spending pressures on existing assets which will weigh on the group's ability to service debt amid rising borrowing, resulting in metrics aligning with A3 rated peers,” Moody’s said in a press release.

The improved outlook reflects the view that as cost pressures ease, operating performance will recover slightly from the low 22% recorded in fiscal 2023, the agency said.

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