Moody’s lowers Amplify Snack

Moody's Investors Service said it downgraded Amplify Snack Brands, Inc.'s corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

At the same time, the agency downgraded the company's revolving credit facility rating and term loan rating to B3 from B2.

In addition, Moody's affirmed the SGL-2 speculative grade liquidity rating.

The outlook is stable.

“The downgrade reflects our view that debt to EBITDA will remain above 6 times over at least the next two years. This is well above our original expectations and a result of substantially lower earnings,” the agency said in a news release.

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