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Moody’s lowers HGIM
Moody’s Investors Service said it downgraded HGIM Corp.’s corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its term loan rating to Caa1 from B3. The outlook was changed to negative from stable.
“HGIM’s contract backlog has been shrinking and the commodity price collapse in the first quarter of 2020 poses a substantial challenge for the company to both improve its contract and spot revenue outlook,” said Sreedhar Kona, a Moody’s senior analyst, in a press release.
“The negative outlook reflects the likelihood of HGIM’s financial leverage weakening significantly as near-term improvement of offshore fundamentals is unlikely.”
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