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Moody’s cuts New Trident, facilities
Moody's Investors Service said it downgraded New Trident Holdcorp, Inc.'s corporate family rating to Caa3 from Caa1, probability of default rating to Caa3-PD from Caa1-PD, senior secured first-lien term loan to Caa2 (LGD 3) from B3 (LGD 3), senior secured revolving credit facility to Caa2 (LGD 3) from B3 (LGD 3) and secured second-lien term loan to Ca (LGD 5) from Caa3 (LGD 5).
Moody’s said the downgrade primarily reflects the company's severe liquidity situation, the very high refinancing risk, and increased leverage beyond the agency’s previous expectations.
The company has funded cash outflows with borrowings under its $70 million revolving credit facility.
As of Sept. 30, New Trident had fully drawn its revolving facility and will need to tap new sources of liquidity in order to maintain operations.
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