Moody’s cuts Lifetime Brands

Moody's Investors Service said it downgraded Lifetime Brands, Inc.'s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD, and senior secured term loan rating to B3 from B2.

At the same time, Moody's lowered the company's speculative grade liquidity to SGL-3 from SGL-2.

The outlook is negative.

The agency said the downgrade reflects Lifetime Brands' high financial leverage with debt/EBITDA at around 5.8x for the fiscal year-end period Dec. 31, 2019, and Moody's expectation that headwinds stemming from the coronavirus outbreak will keep leverage elevated over the next 12-18 months.

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