Moody’s nicks Novafives

Moody’s Investors Service said it downgraded to Caa1 from B3 the corporate family rating and to Caa1-PD from B3-PD the probability of default rating of Novafives SAS. Concurrently, Moody’s downgraded to Caa2 from Caa1 the instrument ratings of €325 million fixed-rate senior secured notes and €275 million floating-rate senior secured notes both maturing 2025.

The downgrade reflects the rapid spread of the coronavirus outbreak across many regions and markets, which will hurt Novafives’ financial metrics and liquidity position, Moody’s said.

Also, Novafives was already weakly positioning in the previous B3 rating category, the agency said.

The outlook remains negative.

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