Moody's cuts MAAX Holdings to SGL-4

Moody's Investors Service said it downgraded MAAX Holdings, Inc.'s speculative grade liquidity rating to SGL-4 from SGL-3.

All other ratings remain unchanged.

Moody's said the SGL-4 reflects the company's weakened liquidity position based on expectations for moderate free cash flow generation over the next fiscal year, extremely tight financial covenants, which limit the company's availability under its revolver, and the company's acknowledgement that it will be reliant on a contribution from its equity sponsors in order to satisfy its financial covenants for the quarter ending May 31.

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