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Moody's drops Mark IV
Moody's Investors Service said it lowered the ratings of Mark IV Industries, Inc., corporate family to B3 from B2, senior secured first-lien facilities to B2 from Ba3 and the senior secured second-lien term loan, to Caa2 from B3.
The ratings remain under review for possible downgrade, the agency said, noting that the lowered ratings reflect Mark IV's operating pressures in its transportation and automotive businesses, which have resulted in negative free cash flow generation and which are expected to continue over the near-term.
With the weaker financial performance, the company could also come under covenant pressure in the near-term which may limit access to the $150 million revolving credit facility, Moody's added.
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