Moody's says Avison Young's add-on term loan issuance will not impact B2 rating - Moody's Global Credit Research

Moody's says Avison Young's add-on term loan issuance will not impact B2 rating

Moody's says Avison Young's add-on term loan issuance will not impact B2 rating - Moody's Global Credit Research
Moody's says Avison Young's add-on term loan issuance will not impact B2 rating
Published Apr 20, 2021
Published Apr 20, 2021
Price US$ 180.00  |  Buy this Report Now

About This Report

  
  
Report Type:

Announcement

Company:
Issuer
Avison Young (Canada) Inc
Format:
PDF Adobe Acrobat
Buy Now

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...

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...

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....

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....

Moody's revises Avison Young's outlook to stable, B2 corporate family rating affirmed - Rating Action – 2020/11/10 – 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 - Credit Opinion – 2020/02/27 – 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, unproven growth strategy through different economic cycles 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 381 experienced real estate professionals and completed 47 acquisitions....

Avison Young (Canada) Inc: Update to credit analysis following GVA transaction - Credit Opinion – 2019/02/14 – 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, unproven growth strategy through different economic cycles 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 should help support the company's efforts to grow and diversify over time. In February 2019, we revised Avison Young's rating outlook to positive from stable, following the company's acquisition of GVA Grimley Holdings Limited ("GVA") in a cash transaction. The outlook revision reflects our view that the acquisition of GVA is credit positive, despite certain integration...

Moody's rates Avison Young's proposed bank facility at B2; outlook revised to positive on GVA transaction announcement - Rating Action – 2019/02/11 – 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...

More from Moody's Global Credit Research

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.

About the Author


Cite this Report

  
MLA:
Moody's Global Credit Research. "Moody's says Avison Young's add-on term loan issuance will not impact B2 rating" Apr 20, 2021. Alacra Store. Jun 17, 2024. <http://www.alacrastore.com/moodys-credit-research/Moody-s-says-Avison-Young-s-add-on-term-loan-issuance-will-not-impact-B2-rating-PR_444664>
  
APA:
Moody's Global Credit Research. (). Moody's says Avison Young's add-on term loan issuance will not impact B2 rating Apr 20, 2021. New York, NY: Alacra Store. Retrieved Jun 17, 2024 from <http://www.alacrastore.com/moodys-credit-research/Moody-s-says-Avison-Young-s-add-on-term-loan-issuance-will-not-impact-B2-rating-PR_444664>
  
US$ 180.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.