Alliance News5 Dec 2018 07:53
Wed, 5th Dec 2018 07:00
LONDON (Alliance News) - Moody's Investors Service late Tuesday downgraded the corporate family rating of Thomas Cook Group PLC to B2 from B1 and changed the outlook to negative from stable.
"Our rating action reflects the deterioration of credit metrics after unfavourable earnings development in the financial 2018 and the group's weakened liquidity," said Assistant Vice President-Analyst Vitali Morgovski.
"Furthermore, the negative outlook reflects Moody's concerns regarding the company's ability to recover its profitability and cash generation in the coming fiscal year as the macroeconomic tailwind becomes less supportive whereas the outcome of Brexit negotiations and their potential impact on customer behaviour that may include a shift to late bookings exacerbates the uncertainty," added Morgovski.