Moody’s changes Munters outlook to positive

Moody's Investors Service said it changed the outlook on the B3 corporate family rating and B3-PD probability of default rating of Munters Topholding AB from positive to negative.

The agency also assigned a definitive rating of B3 from provisional B3 to the $45 million revolving credit facility and $280 million term loan B issued by Munters Corp.

All ratings of Munters Topholding were affirmed.

Moody’s said the action takes into consideration the company's very weak performance in the first half of 2014 which has led to an increased leverage and a very weak short term liquidity position. This is also contrary to Moody's expectations of an improvement that was factored in the previous positive outlook.

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