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Travelport Worldwide Limited (TVPT)

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15.75+15.75 (+undefined)
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  • Moody's

    Travelport Finance (Luxembourg) S.a.r.l. -- Moody's downgrades Travelport's ratings to Caa2; negative outlook

    Moody's Investors Service ("Moody's") has today downgraded Toro Private Holdings II, Limited's ("Travelport" or "the company") corporate family rating (CFR) to Caa2 from Caa1 and its probability of default rating (PDR) to Caa2-PD from Caa1-PD. "The decision to downgrade Travelport's ratings reflects the continued weakening in operating performance versus previous expectations leading to additional pressure on the company's capital structure, that we perceive as unsustainable in its current form" says Luigi Bucci, Moody's lead analyst for Travelport. The weaknesses in Travelport's credit profile, including its high leverage and weak interest cover, have left it vulnerable to shifts in market sentiment as a consequence of the coronavirus outbreak.

  • Moody's

    WEX Inc. -- Moody's says WEX's invocation of MAC clause in eNett acquisition is credit positive but has no immediate rating implications

    Moody's Investors Service ("Moody's") said WEX Inc.'s (Ba2 negative) announcement that it believes the terms of its 24 January 2020 agreement to acquire eNett International (Jersey) Limited and Optal Limited (collectively eNett) no longer apply because eNett's business has had a material adverse change (MAC) as defined by the purchase agreement is credit poisitive. Although the outcome of WEX's efforts to invoke the MAC clause is uncertain, if it succeeds in avoiding closure of the acquisition or negotiating a lower price than agreed in January, and can avoid or reduce the amount of debt it would need to finance the acquisition, it would avoid a spike in its leverage, a credit positive. WEX expected to fund the $1.7 billion eNett acquisition with $425 million in common shares and $1.2 billion in debt.

  • Moody's

    Travelport Finance (Luxembourg) S.a.r.l. -- Moody's downgrades Travelport's ratings to Caa1; negative outlook

    Moody's Investors Service ("Moody's") has today downgraded Toro Private Holdings II, Limited ("Travelport" or "the company") corporate family rating (CFR) to Caa1 from B3 and its probability of default rating (PDR) to Caa1-PD from B3 PD. A full list of affected ratings is provided towards the end of this press release.