Moody’s lowers WireCo, loans

Moody's Investors Service said it downgraded WireCo WorldGroup Inc.’s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

In addition, the agency downgraded the senior secured first-lien term loan to Caa1 from B3 and senior secured second-lien term loan to Caa3 from Caa2.

The outlook is stable.

Moody’s said the downgrades reflect weaker operating performance and key credit metrics than originally anticipated at the time it assigned the B3 corporate family rating following the recapitalization of WireCo in July 2016.

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