Moody’s downgrades Winebow

Moody’s Investors Service said it downgraded Winebow Group, LLC's corporate family rating and probability of default rating to B3 and B3-PD from B2 and B2-PD, respectively.

Winebow Holdings, Inc.'s first-lien term loan was simultaneously downgraded to B2 from B1.

The agency affirmed the second-lien term loan at Caa1.

The outlook is negative.

Moody’s said the downgrade and negative outlook reflect Winebow's elevated leverage due to weaker than expected operating performance in calendar 2017.

At the end of December, Winebow's debt/EBITDA leverage exceeded 10 times before adding back certain one-time items, and around 9 times excluding them, the agency said.

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