Moody’s trims OmniMax

Moody’s Investors Service said it downgraded OmniMax International, Inc.’s corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and senior secured notes to Caa3 from Caa1.

“The downgrade reflects OmniMax’s unsustainable debt burden and the high likelihood of a distressed exchange or debt restructuring given the approaching maturity of its bond,” said Griselda Bisono, a Moody’s vice president and senior analyst, in a press release. “Furthermore, the negative outlook considers our expectations of a decline in earnings in 2020 driven by reduced demand for building products amid the Covid-19 pandemic.”

The outlook remains negative.

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