Moody's downgrades Agile

Moody's Investors Service said it downgraded Agile Group Holdings Ltd.'s corporate family rating to B3 from B2 and the company's senior unsecured rating to Caa1 from B3.

Concurrently, the agency changed Agile's rating outlook to negative from ratings under review. This concludes the rating review started on March 30.

"The downgrade reflects Agile's increased refinancing risks in view of its declining liquidity and sales, sizable refinancing needs, and constrained access to funding," said Kaven Tsang, a Moody's senior vice president, in a press release.

"The negative outlook reflects the uncertainty over Agile's ability to raise new funding, through new borrowing or asset disposals, to manage its refinancing needs and to replenish its balance sheet liquidity over the next six to 12 months," Tsang added.

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