Moody's lowers Cassini

Moody's Investors Service said it downgraded the corporate family rating of Cassini SAS, the ultimate parent of Comexposium Holding to B3 from B2 and its probability of default rating to B3-PD from B2-PD. Moody's also downgraded to B3 from B2 the rating of the €597 million senior secured term loan B due 2026 and the €90 million senior secured revolving credit facility due 2025. The outlook remains negative.

"The downgrade reflects our expectation of a deterioration in Compexposium's operating and financial performance driven by the cancellations and postponements of trade and exhibition shows over the next two quarters owing to the coronavirus outbreak in its main European markets," said Víctor García Capdevila, a Moody's assistant vice president and lead analyst for Cassini, in a press release.

"Comexposium was already weakly positioning in the previous B2 rating category and the operational disruptions that the company will endure over the next few months will lead to a significant increase in leverage. We now expect that Comexposium's Moody's-adjusted gross leverage will increase to around 8x by the end of 2020 compared with our previous expectation of 5.9x," he added.

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