Moody's slices Sequa

Moody's Investors Service said it downgraded its ratings for Sequa Corp., including the company's corporate family rating to Caa3 from Caa1 and probability of default rating to Caa3-PD from Caa1-PD, as well as the ratings for its first-lien senior secured credit facilities to Caa2 from B3 and second-lien senior secured term loan to Ca from Caa2 under Sequa Mezzanine Holdings LLC.

The downgrades reflect Moody's expectation of challenges for Sequa's chromalloy and precoat businesses that will result in increased leverage and a general weakening of the company's credit metrics, the agency said.

The outlook remains negative.

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