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(Alliance News) -Â Moody's Investors Service on Thursday assigned a Caa1 rating to notes issued by a subsidiary of Aston Martin Lagonda Global Holdings PLC.
The USD1.09 billion of senior secured notes priced by subsidiary Aston Martin Capital Holdings Ltd, carrying a coupon of 10.50%, are due 2025.
Moody's revised its outlook to stable from negative.
The transaction improve the luxury car maker's maturity profile and cash balances, the ratings agency noted. While this is positive, it will also increase the total gross unadjusted debt burden further, Moody's added.
"The stable outlook reflects Moody's expectation that performance should start to improve although significant risks remain. It also reflects the improvement in the liquidity and maturity profile, which provides the immediate time and flexibility to improve the financial performance," said Moody's.
Shares in Aston Martin closed up 5.4% at 54.25 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
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