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Moody’s lowers KrolLDiscovery
Moody's Investors Service said it downgraded LD Intermediate Holdings, Inc.'s (KrolLDiscovery) corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.
The agency also downgraded the company's first- and second-lien credit facilities to B3 from B2 and to Caa3 from Caa2, respectively.
The outlook is negative.
Moody’s said the downgrade reflects weaker-than-expected operating performance following the acquisition of Kroll Ontrack in December 2016, as well as a view that KrolLDiscovery's financial risk profile will remain elevated over the next 12-18 months given the company's high debt leverage and weak liquidity.
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