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Bond Market News
Li & Fung Downgraded to Ba2
September 10, 2024
Li & Fung was downgraded by a notch to Ba2 from Ba1 by Moody’s. The downgrade follows the slow earnings recovery by the company amid the difficult operating environment. The company’s revenue and EBITDA registered a modest growth of 25% and 8% YoY in 1H2024, but still remained below their 1H2022 levels. As a result, Moody’s projects the company’s debt-to-EBITDA to improve gradually to 6.4x in 2024 and 5.7x in 2025 from 7.7x in 2023. However, the company has good liquidity supported by its large cash on hand and sufficient unused committed facilities, according to Moody’s. For instance, the company had $313mn in senior debt vs $461mn of cash as of end June 2024.
Its dollar bonds traded stable with its 5.25% 2025 at 98.5, yielding 6.93%
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