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Moody's lowers Smile Brands
Moody's Investors Service said it downgraded Smile Brands Group, Inc.'s corporate family and probability of default ratings to B3 from B2, its $240 million senior secured rating to B1 from Ba3 and its $35 million revolving credit facility to B1 from Ba3.
The outlook is negative.
Moody's said the rating action is due to a deterioration in the company's EBITDA, cash flow and credit metrics, as well as Moody's belief that Smile Brands will be unable to restore metrics to levels appropriate to a B2 rating over the near to intermediate-term.
The downgrade also reflects the recent deterioration in the company's internal and external liquidity sources.
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