Moody’s lowers MDC Partners

Moody’s Investors Service said it downgraded MDC Partners Inc.'s corporate family rating to B3 from B2 and the $900 million senior unsecured notes were affirmed at B3.

The outlook remains stable.

“The downgrade was due to weak performance in 2018 that resulted in pro forma leverage increasing to approximately 7.1x as of Q4 2018 from 5.9x as of Q4 2017,” the agency said in a news release.

“Excluding the impact of ASC 606 accounting (which reduced revenue by $52 million and reduced costs by $62 million) pro forma leverage would be 7.6x as of Q4 2018.”

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