Moody’s lowers AgroFresh

Moody’s Investors Service said it downgraded AgroFresh Inc.'s corporate family rating and probability of default rating to B3 from B2 and B3-PD from B2-PD, respectively.

Moody's also downgraded the senior secured bank credit facility of AgroFresh to B3 from B2.

The speculative grade liquidity rating of AgroFresh is affirmed at SGL-3.

The outlook is stable.

“The downgrade reflects slower than expected ramp-up of new products and ongoing declines in the core SmartFresh product volume that resulted in flat EBITDA and elevated leverage,” the agency said in a news release.

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