SHELTON, Conn., March 13, 2024 /PRNewswire/ -- Dynata - the most trusted source for reliable, accurate first-party data - with the support of its lenders, has confirmed the termination of its ratings arrangement with Moody's effective March 8. Notwithstanding such termination, Moody's has issued a factually inaccurate report suggesting Dynata missed an interest payment. In actuality, the company negotiated a resolution with its first- and second-lien lenders to make a partial interest payment and to an extended grace period, while continuing consensual discussions to solidify its balance sheet and streamline its debt-reduction plan.
Dynata strongly disagrees with this misclassification. The designation of "limited default" is temporary and based on a technical definition, internally used by credit ratings services, that views a consensual partial payment as default, even when lenders have agreed to such payment terms during ongoing negotiations.
"Our leadership team, which brings decades of experience in business transformation settings such as this, is confident in a successful outcome that will drive the company's exciting roadmap of growth into the future," said Mike Petrullo, Dynata CEO. "We'll continue to provide accurate and transparent information to all stakeholders. Our unwavering commitment to providing excellent service to our valued customers, vendors and employees remains stronger than ever. For us, it's business as usual."
About Dynata
Dynata helps companies harness the power of first-party data to make informed, intelligent decisions. With a global reach and an unrivaled approach to quality, we are the most trusted source for reliable, accurate data. We serve more than 6,000 market research, media and advertising agencies, publishers, consulting and investment firms, and corporate customers in North America, South America, Europe and the Asia-Pacific region. Learn more at www.dynata.com.?
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