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Moody’s changes Digital River to negative
Moody's Investors Service said it affirmed Digital River, Inc.'s B2 corporate family rating and B2-PD probability of default rating.
The agency also affirmed the Ba3 ratings on the company's first-lien credit facilities and the B3 rating on its second-lien term loan.
The outlook was revised to negative.
Moody’s said the outlook change was driven by the company's recent revenue declines resulting from the loss of a major customer contract which has compelled the company to undertake substantial restructuring activities.
The negative outlook highlights the risk that sales or business processes could be temporarily disrupted by the restructuring activities, and that leverage will remain elevated if the company does not return to organic revenue and EBITDA growth over the next 12 to 18 months, the agency explained.
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