4th Jun 2019 17:43
LONDON (Alliance News) - Moody's Investors Service on Tuesday assigned a B2 instrument rating to the USD190 million senior secured notes due 2022 that Aston Martin Capital Holdings Ltd issued in
April.
Aston Martin Capital is a subsidiary of London-listed Aston Martin Lagonda Global Holdings PLC. Shares in the luxury car manufacturer closed 1.5% higher on Tuesday at 903.81 pence each.
Moody's said the ratings of Aston Martin Capital and parent Aston Martin Lagonda more broadly continue to reflect the entire company's continued progress in executing its strategy, resulting in good volume, revenue and earnings before interest, taxes, depreciation, and amortization growth.
It also reflects the strong brand name and pricing position in the luxury cars segment as well as good geographic diversification, the ratings agency noted.
Looking ahead, Moody's said an upgrade of the ratings is unlikely in the near term due to Aston Martin Lagonda's limited ability to generate "more meaningful" free cash flows.
Meanwhile, negative pressure on the ratings could come from a failure to improve adjusted leverage, Moody's said, and inability to substantially reduce the net cash outflows.
Related Shares:
Aston Martin Lagonda