Moody's downgrades DTI

Moody's Investors Service said it downgraded DTI Holdco, Inc.’s (Epiq Global) corporate family rating to Caa2 from B3, probability of default rating to Caa2-PD from B3-PD and its senior secured first-lien credit facility rating (including revolving credit facility and term loan) to Caa2 from B3. The ratings have also been placed under review for further downgrade.

The downgrade and the review reflects Moody's view of elevated default risk, stemming from materially lower earnings prospects in 2020 due to challenging industry conditions stemming from the coronavirus pandemic, liquidity tightening and the uncertainty around financial ramifications from the recent ransomware attack, including potential for client losses and/or reduced processing volumes.

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