Moody’s continues Cunningham Lindsey review

Moody's Investors Service said it continues to review for downgrade the ratings of Cunningham Lindsey U.S. Inc. (corporate family rating B3, probability of default rating B3-PD), having commenced the review in February 2016.

The review reflects the issuer's weak credit metrics along with a financial leverage covenant that steps down over time and a revolving credit facility that matures in December 2017.

Moody’s said the ongoing review will focus on Cunningham Lindsey's ability to achieve headroom under its financial covenant and address its 2017 revolving credit maturity.

The agency will also consider the company's ongoing implementation of strategic initiatives to restore revenue and EBITDA growth, and the related impact on financial leverage, interest coverage and free cash flow.

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