Moody's downgrades Immucor

Moody's Investors Service said it downgraded the ratings of Immucor, Inc., including the corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD.

Moody's lowered the ratings on the senior secured credit facilities to B1 from Ba3 and $400 million senior unsecured notes to Caa2 from Caa1.

Immucor's speculative grade liquidity rating of SGL-2 was affirmed.

The outlook is stable.

Moody's said the downgrade of the corporate family rating to B3 from B2 reflects its expectation that Immucor's financial leverage will remain high at or above 7x over the next 12-18 months - a level no longer supportive of its previous B2 rating.

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