Moody’s changes AP Exhaust to negative

Moody's Investors Service said it changed AP Exhaust Acquisition, LLC's outlook to negative from stable and affirmed all ratings, including the B3 corporate family rating, B3-PD probability of default rating and B2 senior secured first-lien term loan rating.

Moody’s said the outlook change reflects that the declines in AP Exhaust’s revenue for the first nine months of 2017 have resulted in EBITDA falling below the agency’s expectations, resulting in debt to EBITDA of 7.4 times.

It also reflects Moody's belief that it will be challenging for AP Exhaust to generate meaningfully positive free cash flow and reduce its high leverage in the next 12 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.