Moody's lowers Open Solutions

Moody's Investors Service said it downgraded Open Solutions Inc.'s corporate family and probability of default ratings to Caa2 from B3, its senior secured credit facilities to B3 from B1 and the rating for its senior subordinated notes to Caa3 from Caa2.

Moody's said the downgrade reflects Open Solutions' weak operating performance and its approaching debt maturities.

The agency maintained a negative outlook to reflect the potential for further deterioration in Open Solutions' credit metrics due to its limited financial flexibility and a highly competitive market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.