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Moody's cuts Language Line
Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Language Line Holdings, LLC to B2 from B1.
Concurrently, Moody's lowered the first-lien credit facility rating to B1 from Ba3 and the second-lien term loan rating to Caa1 from B3.
The outlook is stable.
Moody's said the corporate family downgrade reflects continuing weak demand trends for Language Line's core over the phone interpretation business.
"Organic growth opportunities for outsourced over the phone interpretation volumes are limited, causing heightened competition within this fragmented industry," Moody's senior analyst Suzanne Wingo said in a news release.
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