Moody’s cuts Odyssey

Moody’s Investors Service said it downgraded the ratings of Odyssey Logistics & Technology Corp., including the corporate family rating and the probability of default rating to B3 and B3-PD, from B2 and B2-PD, respectively; first-lien senior secured to B2 from B1; and second-lien senior secured to Caa2 from Caa1. The outlook is negative.

This action concludes the review for downgrade started on March 26, Moody’s said.

“Odyssey’s ratings reflect weaker than expected operating performance in 2019 along with the expected recessionary impact from the coronavirus pandemic,” the agency said in a press release.

The outlook reflects the expectation Odyssey’s weak free cash flow generation will continue into 2021 as a result of the recessionary impact from the pandemic, Moody’s said.

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