Moody's drops OpenLink

Moody's Investors Service said it lowered the debt ratings of OpenLink International Inc., including downgrades to a B3 corporate family rating, a B3-PD probability of default rating and B1 senior secured instrument ratings.

The outlook was revised to negative.

"The disappointing 2012 financial performance and the scale of its restructuring initiatives lead us to believe that OpenLink will de-leverage at a much slower rate than we had expected," said Edmond DeForest, senior analyst at Moody's.

The B3 corporate family rating reflects expectations for little to no free cash flow in 2013 to inhibit debt repayment, the agency said.

Moody's expects debt to EBITDA to remain above 7 times throughout 2013.

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