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Moody’s turns Monitronics view to positive
Moody’s Investors Service said it revised Monitronics International, Inc.’s outlook to positive from stable.
“Monitronics' improved outlook takes into account a generally positive trend in credit metrics and operating performance, including revenue stabilization and declining execution risks with regard to the company's evolving sales strategy. In 2020 Monitronics posted improvements in attrition and creation multiples, as well as in cash flow from operations and free cash flow, the latter which turned slightly positive. Revenues were effectively flat for the year, at $504 million, in contrast to Moody's expectations for a low-single-digit percentage decline,” the agency said in a press release.
Concurrently, Moody’s affirmed Monitronics ratings, including its Caa1 corporate family rating and the B1 ratings on its first-lien super-priority $145 million revolver and $150 million term loan.
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