Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction - Moody's Global Credit Research

Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction

Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction - Moody's Global Credit Research
Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction
Published Mar 28, 2024
7 pages (3808 words) — Published Mar 28, 2024
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Brief Excerpt:

...All figures and ratios are based on adjusted financial data and incorporate Moody's Global Standard Adjustments for Non- Financial Corporations. Periods are fiscal year-end unless indicated. LTM = Last 12 months. Moody's forecasts are Moody's opinion and do not represent the views of the issuer. Source: Moody's Financial MetricsTM and Moody's Ratings forecasts...

  
Report Type:

Credit Opinion

Company:
Issuer
Avison Young (Canada) Inc.
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Moody's upgrades Avison Young to B3 CFR; stable outlook - Rating Action – 2024/03/18 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Avison Young (Canada) Inc.: Update to credit analysis following downgrade of CFR to Caa2, negative outlook - Credit Opinion – 2023/08/31 – US$ 250.00 – ...Note: All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations, including operating lease and pension obligations, as well as 100% of preferred securities. Source: Moody's Financial Metrics...

Moody's downgrades Avison's CFR to Caa2, outlook negative - Rating Action – 2023/08/29 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Avison Young (Canada) Inc.: Update to credit analysis following the rating outlook change to negative - Credit Opinion – 2023/03/29 – US$ 250.00 – ...The B2 corporate family rating for Avison Young (Canada) Inc.'s ("Avison Young", "AY" or "the company") incorporates the company's proven record in expanding its operations and geographic footprint through a combination of strategic bolt-on acquisitions and organic growth since 2008. Supported by its banking/lender group and equity sponsor and assuming the completion of the forthcoming liquidity package, the company is considered to have adequate near-term liquidity with no debt maturing until October 2025. However, the company's main constraints include its weakened credit metrics, its small scale in terms of revenue relative to its sector peers as well as the inherent cash flow volatility of its transaction business due to the high correlation to real estate and broader economic cycles. On March 21, 2023, Avison Young announced to its term loan lenders its intent to seek an additional liquidity package and temporary covenant waiver/relief to support its existing liquidity position as...

Moody's assigns a B2 rating to Avison Young's Proposed Delayed Draw First Lien Term Loan; negative outlook - Rating Action – 2023/03/23 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Cite this Report

  
MLA:
Moody's Global Credit Research. "Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction" Mar 28, 2024. Alacra Store. Jun 17, 2024. <http://www.alacrastore.com/moodys-credit-research/Avison-Young-Canada-Inc-Update-to-credit-analysis-following-debt-restructuring-transaction-PBC_1400259>
  
APA:
Moody's Global Credit Research. (). Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction Mar 28, 2024. New York, NY: Alacra Store. Retrieved Jun 17, 2024 from <http://www.alacrastore.com/moodys-credit-research/Avison-Young-Canada-Inc-Update-to-credit-analysis-following-debt-restructuring-transaction-PBC_1400259>
  
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