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Moody’s downgrades Mediapro’s credit rating

Company tagged with a "negative outlook"

Mediapro’s financial woes continue as the company’s credit rating has been downgraded by ratings agency Moody’s and tagged with a “negative” outlook.

The rating of Joye Media, a Spanish holding of Mediapro whose majority shareholder is the Chinese fund Orient Hontai Capital, was downgraded by one notch, from B3 to Caa1, which corresponds to a very high risk of non-repayment of credits, according to Moody’s scale.

“The downgrade reflects the downside risks to Joye Media credit quality following the missed payment to the French Football League and the difficulty to profitably monetise the French football rights with the current subscriber base,” said Moody’s.

“While the situation is fluid, the recent developments affecting its French subsidiary are negative for the company’s reputation and could lead to lengthy legal proceedings and potential contingent liabilities that may further deteriorate its metrics and liquidity, which were already weak owing to the impact of the coronavirus outbreak,” it added.