Moody's cuts Greenhill

Moody's Investors Service said it downgraded the ratings of Greenhill & Co., Inc. to Ba3 from Ba2.

The rating action concludes a ratings review begun on Feb. 11 following the company's release of its full-year 2019 results, Moody’s said.

“The downgrade reflects Moody's expectation that Greenhill's debt/EBITDA on a Moody's adjusted basis is unlikely to improve to below 4x on a sustained basis over the medium-term, notwithstanding an expected improvement in profitability and cash flow generation over the second half of 2020 and into 2021,” said Moody’s in a press release.

The outlook is stable.

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