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Moody's lowers MB Aerospace
Moody's Investors Service said it downgraded the corporate family rating of MB Aerospace Holdings II Corp. to Caa2 from B3 and probability of default rating to Caa2-PD from B3-PD.
The Caa2 rating indicates the company’s weak liquidity, negative free cash flow and high leverage before the coronavirus outbreak, Moody’s said.
The agency said it also sees the commercial aerospace market being depressed in the coming months
Moody's also downgraded the company's $255 million senior secured first-lien term loan due 2025 and $50 million senior secured revolving credit facility due 2023 to Caa1 from B3.
The outlook is negative.
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