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Aston Martin has been upgraded by a notch to B3 from Caa1 by Moody’s. The upgrade follows the announcement of a new £1.1bn ($1.4bn) equivalent backed senior secured note issuance with at least a 5Y tenor to be issued by Aston Martin Capital Holdings Limited. With the announcement, Moody’s expects that the company will successfully complete the refinancing of its 10.5% notes due November 2025 having a principal outstanding of $1.14bn. Moody’s forecasts Aston Martin’s leverage to decrease to ~9.0x by December 2024 and further decrease to 6.0x in 2025. Moody’s notes that the ratings upgrade is contingent on the successful completion of the refinancing, and any failure to do so would likely result in a negative rating action.
Its 10.5% 2025s continued to trade stable at 102.1 cents on the dollar, yielding 6.97%.