Moody’s downgraded their ratings on Bertelsmann’s debt to Baa2, but they improved their outlook for the company from negative to stable. While Bertelsmann did not provide any guidance for the year in their recent first-quarter trading update, Moody’s forecasts that full-year sales will fall 15 percent, and that EBITDA “could decrease by around 30 percent.” Beyond that, Moody’s “expects revenues and EBITDA to progressively recover in 2021, but EBITDA will not reach 2019 levels until 2022.” The service says: “The downgrade reflects our expectation of a material contraction in the company’s revenues and profits in 2020 on the back of […]
