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Moody’s changes CNT Holdings to negative
Moody's Investors Service said it changed CNT Holdings III Corp.'s (1-800 Contacts Inc.) outlook to negative from stable and affirmed all of its ratings, including the B2 corporate family rating, B2-PD probability of default rating and B1 first-lien senior secured credit facilities ratings.
"The change in outlook to negative from stable reflects the risk of weakening in the company's free cash flow profile, including as a result of any potential adverse developments in its paid search litigation and related class action cases, coupled with ongoing risks related to competitive encroachment," Moody's vice president, senior analyst Raya Sokolyanska said in a news release.
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