Moody's downgrades Mad Engine

Moody's Investors Service said it downgraded Mad Engine Global, LLC's ratings including its corporate family rating to B3 from B2, the probability of default rating to B3-PD from B2-PD and its senior secured first-lien term loan to B3 from B2.

“The downgrade reflects the company's weakening credit metrics due to higher debt levels, rising interest rates, higher inventories and associated carrying costs, and the delayed realization of acquisition synergies for the Fortune screenprint business. As a result, Moody's adjusted debt/EBITDA is expected to rise above 6x by the end of 2022,” the agency said in a press release.

The outlook remains stable.

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