Moody’s drops Lansing Trade, notes

Moody's Investors Service said it downgraded Lansing Trade Group LLC's corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD and revised the outlook to negative.

The agency also downgraded the existing senior unsecured notes ($144 million outstanding) to Caa1 from B3.

Moody’s said the downgrade reflects the lost earnings in Lansing's Feed business following the imposition of trade restrictions on DDGs by the Chinese government, the proprietary trading losses in the second quarter and the leaner operating environment that has narrowed margins for its grain business.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.