Moody’s cuts Arctic Glacier

Moody’s Investors Service said it downgraded Arctic Glacier U.S.A., Inc.’s corporate family rating to B3 from B2 and affirmed the company's probability of default rating at B3-PD.

Moody’s also downgraded the ratings on the company’s first-lien credit facilities to B3 from B2, consisting of its $437 million principal first-lien term loan and a $60 million revolver.

“Arctic Glacier’s downgrade stems from a rapid and material deterioration of credit metrics in 1H19, largely resulting from very unfavorable weather in most regions the company serves, with debt-to-EBITDA increasing roughly a turn in 2Q19 alone to about 7 times from about 6 times at 1Q19,” said Brian Silver, Moody's vice president and lead analyst for Arctic Glacier, in a news release.

The outlook is stable.

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