Moody's assigns Kcibt Caa2

Moody's Investors Service said it assigned a stable outlook to Kcibt Holdings, LP a Caa2 corporate family rating and a Caa2-PD probability of default rating. Concurrently, the agency assigned CIBT Global, Inc.’s senior secured first-lien facility a Caa1 rating and a Caa3 to the senior secured second-lien term loan.

Moody’s withdrew the Caa2 CFR and Caa2-PD PDR assigned to CIBT Global and changed the outlook to stable from negative.

“The change in outlook to stable from negative is driven by improving sequential revenue over the past few quarters, which Moody's expects will continue as international corporate travel volumes increases incrementally. Although travel volumes are steadily improving, earnings are still well below pre-pandemic levels. Moody's expects that volumes for visa and immigration services will not recover to pre-pandemic levels for a few years.

“The effective affirmation of the Caa2 CFR is based on the still very highly leveraged debt capital structure and constrained operating conditions,” the agency said in a press release.

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