Moody’s lowers ModSpace to Caa1, notes to Caa2

Moody's Investors Service said it downgraded the corporate family rating of Modular Space Holdings, Inc. (ModSpace) to Caa1 from B2 and the rating of senior secured notes issued by ModSpace's wholly owned subsidiary Modular Space Corp., to Caa2 from B3.

The agency placed all ratings on review for downgrade.

Moody’s said the action reflects ModSpace's continuing weak financial performance and the agency’s concerns with respect to the company's ability to continue its operations if it fails to renegotiate its $800 million asset based (ABL) revolving credit facility.

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