Moody’s changes Greatbatch to negative

Moody's Investors Service said it changed the outlook of Greatbatch, Inc. to negative from stable and affirmed its existing ratings, including the B2 corporate family rating and B2-PD probability of default rating.

The agency also downgraded the speculative grade liquidity rating to SGL-3 from SGL-2.

Moody’s said the negative outlook reflects its belief that Greatbatch's weaker than anticipated operating performance will make it more challenging to reduce its financial leverage to levels acceptable for its rating. Lower than anticipated end-user demand, customer inventory reduction initiatives, and price concessions in renegotiating long-term contracts will limit revenue and EBITDA growth, the agency said.

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