Moody's lowers Maxim Crane

Moody's Investors Service said it downgraded Maxim Crane Works, LP corporate family and probability of default ratings to Caa1 from B3 and $250 million second-lien notes to Caa2 from Caa1.

The outlook is stable.

The downgrade reflects the company's weak credit metrics, which are not anticipated to improve meaningfully, Moody's said.

The downgrade also considers its weak liquidity profile and anticipated anemic recovery in the United States non-residential construction market, the agency said.

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