Moody’s downgrades Welbilt

Moody’s Investors Service said it downgraded the ratings of Welbilt, Inc., including the senior secured debt to B2 from B1, the senior unsecured to Caa2 from Caa1, the corporate family rating to B3 from B2, and the probability of default rating to B3-PD from B2-PD.

All ratings are under review for further downgrade. Moody’s said it also lowered the speculative grade liquidity rating to SGL-4 from SGL-2, denoting weak liquidity.

“The rating downgrades reflect Moody’s expectation of deteriorating conditions in the company’s end-markets and more broadly in the macroeconomic environment and weak liquidity,” the agency said in a press release.

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