Moody's cuts API Technologies

Moody's Investors Service said it lowered the corporate family rating and probability of default rating of API Technologies Corp. to B3 from B2.

Concurrently, the company's speculative grade liquidity rating was raised to SGL-3 from SGL-4 in recognition of a March 22 credit facility amendment that provided greater financial covenant headroom.

The outlook is negative.

Moody's said the downgrades reflect the loss of volumes under a significant contract, one that was expected to represent about 20% of 2011 pro forma revenues, to provide electronics components for U.S. Army vehicles.

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