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Moody’s lowers DTI Holdco
Moody's Investors Service said it downgraded DTI Holdco, Inc.'s (Epiq Global) corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and its senior secured first-lien credit facility ratings to B3 from B2.
The outlook is negative.
The agency said the downgrade reflects the underperformance of DTI relative to Moody's expectations following its merger with Epiq in late 2016 driven by weak sales and profitability as well as integration challenges.
In addition, increased revolver borrowings and negative free cash flow due to working capital deficits in the first half of 2018 have dampened the company's liquidity, Moody’s said.
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