Moody’s trims Spectrum Holdings

Moody’s Investors Services said it downgraded its ratings for Spectrum Holdings III Corp. (Spectrum Plastics Group), including the company’s corporate family rating to Caa2 from Caa1 and probability of default rating to Caa2-PD from Caa1-PD, along with the rating for its first-lien senior secured credit facilities to Caa1 from B3 and second-lien term loan rating to Ca from Caa3.

“The downgrades reflect Spectrum’s sustained high adjusted debt-to-EBITDA (leverage) in excess of 10x and weak cash generation against the backdrop of a deteriorating economic environment,” said Shirley Singh, Moody’s lead analyst for the company, in a press release.

The outlook is stable.

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