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Moody’s lowers One Call
Moody's Investors Service said it downgraded One Call Corp.'s corporate family rating to Caa2 from Caa1 and the probability of default rating to Caa2-PD/LD from Caa1-PD.
The agency also downgraded the ratings on the first-lien debt to B3 from B2 and the unsecured rating to Ca from Caa3.
Moody's affirmed the Caa3 rating on the second-lien notes.
The outlook remains stable.
“The downgrade reflects a material deterioration in One Call's liquidity and failure to reduce leverage as planned over the last year,” the agency said in a news release.
“The company has experienced weaker than expected operating performance due in part to further delays in implementing a new IT platform, called Polaris.”
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