Moody’s downgrades syncreon

Moody's Investors Service said it downgraded syncreon Group Holdings BV's corporate family rating to Caa3 from B3 and probability of default rating to Caa2-PD from B3-PD.

At the same time, the agency downgraded syncreon Group BV's senior secured term loan to Caa2 from B1 and senior unsecured notes to Ca from Caa2.

The outlook remains negative.

“The downgrade of the PDR to Caa2-PD reflects mounting pressure on syncreon's already weak liquidity profile, which in conjunction with a fully levered balance sheet heightens the perceived risk of default over the next twelve months,” Moody’s said in a news release.

“In particular, syncreon's free cash flow has been substantially more negative in 2017 than originally expected.”

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