Moody's assigns a B2 rating to Avison Young's Proposed Delayed Draw First Lien Term Loan; negative outlook

Avison Young (Canada) Inc.: Update to credit analysis following debt restructuring transaction - Credit Opinion – 2024/03/28 – US$ 250.00 – ...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...

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...

Avison Young (Canada) Inc: Update to credit analysis - Credit Opinion – 2022/11/18 – 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 preferred securities. Source: Moody's Financial Metrics, Avison Young audited & reviewed financials...

Moody's says Avison Young's incremental term loan has no impact on ratings - Announcement – 2022/08/19 – US$ 180.00

Avison Young (Canada) Inc: Update to credit analysis - Credit Opinion – 2021/11/19 – US$ 250.00 – ...The B2 corporate family rating (CFR) of Avison Young (Canada) Inc reflects the company's small size on a revenue basis relative to its peers and potential cash flow volatility inherent in its transaction business. Avison Young was founded in 1978 as a small service company, however began its growth strategy in 2008 with a series of mergers and acquisitions that have helped the company diversify its business lines and geographical reach into the US and Europe. Despite the modest track record under its current business model, Avison Young has a well-seasoned management team with many years of public company and commercial real estate service experience. This experience has helped the company expand its portfolio over time through strategic acquisitions and organic growth....

Moody's says Avison Young's add-on term loan issuance will not impact B2 rating - Announcement – 2021/04/20 – US$ 180.00

Avison Young (Canada) Inc: Update to credit analysis following outlook change from positive to stable - Credit Opinion – 2020/11/13 – US$ 250.00 – ...The B2 corporate family rating (CFR) of Avison Young (Canada) Inc reflects the company's small size on a revenue basis relative to its peers and potential cash flow volatility inherent in its transaction business. Avison Young was founded in 1978 as a small service company, however began its growth strategy in 2008 with a series of mergers and acquisitions. Despite the limited track record under its current business model, Avison Young has a well- seasoned management team with many years of public company and commercial real estate service experience. This experience has helped the company expand its portfolio over time through strategic acquisitions and organic growth. Since 2009, Avison Young has successfully recruited 389 experienced real estate professionals and completed 49 acquisitions through September 2020....