Moody’s Rating Upgraded to “Caa2 from Caa3” with Stable Outlook
30 Septembre 2020 - 8:00AM
Press Release
Moody’s Rating Upgraded
to “Caa2 from Caa3” with Stable Outlook
Paris (France),
30 September 2020 – Technicolor
(Euronext: TCH; OTCQX: TCLRY) welcomes its corporate rating upgrade
by Moody’s to “Caa2” with stable outlook, and the rating of
its new debt as “Caa1”.
This upgrade follows that of S&P to “CCC+”
(corporate rating) and to “B” (new debt) and reflects the
successful completion of the Group’s financial restructuring,
through which it has obtained €420 million (net of fees) of new
financing, and has deleveraged via the equitization of €660 million
of debt.
As previously stated, Technicolor now has a
significantly strengthened balance sheet, with cash to meet the
needs of the Covid crisis and beyond.
Richard Moat, Chief Executive Officer of
Technicolor, stated:
“Within a few days we have been upgraded by both
S&P and Moody’s. We are very pleased by these improvements in
our credit ratings which reflect the restoration of a sound
financial structure for our company. Technicolor is poised to
return to delivering profitable growth, cash generation and value
creation for shareholders on a sustainable basis.”
###
About
Technicolor:
www.technicolor.com
Technicolor shares are admitted to
trading on the regulated market of Euronext Paris (TCH) and are
tradable in the form of American Depositary Receipts (ADR) in the
United States on the OTCQX market (TCLRY).
Investor Relations
Christophe le Mignan: +33 1 88 24 32
83Christophe.lemignan@technicolor.com
Media Contact
Laurent Poinsot: +33 1 53 70 74 77 lpoinsot@image7.fr
Victoire de Brebisson: +33 1 53 70 65 39
vdebrebisson@image7.fr
- 09-30-2020_Moody's Upgrade_VUS