Moody's cuts Stewart & Stevenson

Moody's Investors Service said it downgraded the ratings for Stewart & Stevenson, LLC, including the corporate family rating, which was lowered to B3 from B2.

The outlook is negative.

The downgrade reflects the contraction in Stewart & Stevenson's business, uncertainty about the company's ability to strengthen and sustain its margins, and Moody's expectations that Stewart & Stevenson is likely to operate from a smaller, more highly levered profile for the foreseeable future, the agency said.

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