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Moody’s lowers Optimas OE
Moody’s Investors Service said it downgraded Optimas OE Solutions Holding, LLC’s corporate family rating to Caa1 from B3 and probability of default to Caa1-PD from B3-PD.
The agency also said it downgraded the rating on the company’s $225 million senior secured notes to Caa2 (LGD 4) from B3 (LGD 4).
The outlook remains stable.
The downgrades reflect the company’s continued execution risk, weaker than anticipated operating performance and deterioration in key credit metrics, Moody’s said.
The downgrades also consider disappointing execution since the company became an independent entity, the agency added.
The ratings also considers deterioration in the company’s operating results and key credit metrics, including expectations for continued high debt leverage at more than 9x and weaker interest coverage over the next 12- to 18-months, Moody’s said.
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