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Moody's lowers ASP MCS
Moody's Investors Service said it downgraded the ratings on ASP MCS Acquisition Corp., including its corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.
The agency also downgraded the ratings on the company’s senior secured first-lien credit facilities to Caa1 (LGD 3) from B3 (LGD 3).
The outlook is negative.
The downgrades broadly reflect rising credit risk, including weakening liquidity and an expectation that leverage will remain elevated, owing to operational underperformance in a persistently challenging industry environment, Moody's said.
The ratings also consider pressures on the company's liquidity, very high financial leverage and its concentrated customer base, the agency said.
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