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Moody’s lowers Triumph Group
Moody's Investors Service said it downgraded its ratings of Triumph Group, Inc., including the corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and senior unsecured to Caa2 from Caa1.
Moody's also upgraded the speculative grade liquidity rating to SGL-3 from SGL-4.
The outlook is stable.
The agency said the downgrades reflect expectations of limited cash generation, weak credit metrics and a sustained reliance on external financing over the next few years.
The downgrades also consider elevated near-term execution risk and the approaching maturity of an unsecured note and revolving credit facility in the first half of calendar 2021, the agency said.
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