Moody's downgrades Logix

Moody's Investors Service said it downgraded Logix Holding Co., LLC's corporate family rating to Caa1, from B3, probability of default rating to Caa1-PD from B3-PD and senior secured bank credit facilities rating to B3 from B2.

“The rating action reflects a very weak liquidity profile, declining revenue, and high leverage,” Moody’s said in a press release.

The outlook is negative.

“Moody's expects that Logix will have very weak liquidity over the next 12 months. We expect negative operating cash flow in at least one quarter, minimal cash balances and a fully drawn $20 million revolver,” the agency said.

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