Moody’s shifts Gruden view to negative

Moody’s Investors Service said it revised the outlook for Gruden Acquisition Inc. (Quality Distribution Inc.) to negative from stable.

“The negative outlook reflects Moody’s expectation of end-market headwinds amid recessionary conditions to weigh meaningfully on QDI’s revenue and earnings likely into 2021, sustaining its high financial leverage and leading to potentially weaker than expected liquidity in an uncertain environment,” Moody’s said in a press release.

Moody’s also affirmed the B3 ratings on the company and its first-lien bank facility and the Caa2 rating on its second-lien bank facility.

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