Moody’s Investors Service (“Moody’s”) has announced to downgrade Axactor ASA's Corporate Family Rating (CFR) to B2 from B1 and its senior unsecured ratings to Caa1 from B3 and placed the ratings on review for downgrade.
Moody’s states in a press release dated 17 May 2024 that the rationale for the downgrade is Axactor's weakened financial performance in the currently challenging macroeconomic environment for debt purchasers, characterized by reduced collections in certain regions and further exacerbated by the increased cost of funding. The full press release from Moody’s is enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section on page 34-36 of the third quarter financial report.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Kyrre Svae, Chief of Strategy & IR at Axactor ASA, on 7 May 2024 at 07:00 CEST.
For additional information, please contact:
Kyrre Svae
Chief of Strategy and IR
Tel: +47 478 39 405
E-mail: kyrre.svae@axactor.com