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Moody's downgrades HGIM loan to Caa3
Moody's Investors Service said it downgraded HGIM Corp.'s corporate family rating to Caa3 from Caa1, its probability of default rating to Caa3-PD from Caa1-PD and its term loan rating to Caa3 from Caa1.
"Prolonged offshore drilling stress continues to weaken HGIM's cash flow and erodes its liquidity. Weak near-term prospect of improvement in the offshore activity renders HGIM's capital structure untenable," commented Sreedhar Kona, a Moody's senior analyst, in a press release.
The outlook remains negative.
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