DISTRESSED DAILY: An Upgrade for Cirque as Audiences Return

Everyone likes the circus, even Moody’s Investors Service. The rating company recently upgraded debt from Cirque du Soleil Entertainment Group, the quirky Montreal entertainment company known for its acrobat-based performances that’s been back on the road after shutting down during the pandemic.

In report earlier this month, Moody’s raised Cirque’s debt to B3 from Caa1 and its outlook to stable from negative. “We expect swift deleveraging” by year end, analyst Whitney Leavens wrote, with “minimal cash consumption.”

It’s an encouraging turn for the live-performance company. Cirque filed for bankruptcy in June 2020, and what followed was a bit of ...