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Moody's lowers Trident
Moody's Investors Service said it downgraded New Trident Holdcorp, Inc.'s (Trident) corporate family rating to Caa1 from B3 and the PDR to Caa1-PD from B3-PD.
The outlook is negative.
Moody’s said the downgrade primarily reflects the company's weakening liquidity and increased leverage beyond Moody's previous expectations.
Ratings downgraded include New Trident Holdcorp’s probability of default rating, to Caa1-PD from B3-PD; corporate family rating to Caa1 from B3; senior secured first-lien term loan to B3 (LGD3) from B2 (LGD3); senior secured revolving credit facility to B3 (LGD3) from B2 (LGD3); and senior secured second-lien term loan to Caa3 (LGD5) from Caa2 (LGD5).
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