Moody's changes Dummen to negative

Moody's Investors Service said it changed to negative from stable the outlook on Casper Debtco BV (Dummen Orange), the holding company of the Dummen Orange group.

"The outlook change to negative reflects Dummen Orange's weaker than expected operating performance in 2022 and the expectation that credit metrics will remain very weak over the next one to two years. The rating action also reflects the deteriorated liquidity profile, owing to sustained negative free cash flow and increasing reliance on the trading working capital facility that is due in March 2024," said Valentino Balletta, a Moody's analyst and lead analyst for Dummen Orange, in a press release.

Concurrently, the agency affirmed the company's Caa1 corporate family rating, its Caa1-PD probability of default rating and the B2 rating on the €55 million super senior secured term loan due March 2026 and the Caa2 rating on the €195.6 million senior secured term loan due September 2026, both borrowed by Casper Debtco.

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