Moody’s downgrades ASP MCS

Moody's Investors Service said it downgraded its ratings for ASP MCS Acquisition Corp., including the corporate family rating to B3 from B2, the probability of default rating to B3-PD from B2-PD and the ratings for its senior secured first-lien credit facilities to B3 from B2.

The outlook remains negative.

"The downgrades reflect growing financial risk and our expectation that leverage will remain elevated owing to weakness in operating performance, a challenging industry environment, weaker liquidity and the loss of a top customer," Moody's analyst Jonathan Teitel said in a news release.

"The continuing negative outlook incorporates the risk that liquidity could weaken further as company operations are expected to remain under pressure."

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