Moody's lowers CLEAResult

Moody's Investors Service said it downgraded CRCI Longhorn Holdings, Inc. (CLEAResult) ratings, including its corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

At the same time, Moody's downgraded the instrument ratings on CLEAResult's first- and second-lien senior secured credit facilities to B2 from B1 and to Caa2 from Caa1, respectively.

"The downgrade of CLEAResult's ratings is driven by our expectation that the onset of the coronavirus pandemic will keep the company's leverage above our previous downgrade indicator of 6.5 times during the next 12 to 18 months," said Andrew MacDonald, Moody's lead analyst for the company in a press release.

The agency changed the outlook to stable from negative

"The stable outlook reflects that while the company's credit metrics will weaken in 2020, the company has sufficient liquidity to insulate itself from the coronavirus until they are able to resume fieldwork," he said.

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