Moody’s revises Garrrett Motion view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the B1 corporate family rating and B1-PD probability of default rating of Garrett Motion Inc.

The outlook reflects the negative effect the pandemic will have on Garrett’s operating performance, credit metrics and liquidity at least into 2021, Moody’s said.

Also, the agency confirmed the B1 senior secured bank credit facilities ratings of its subsidiaries Garrett LX III Sarl and Honeywell Technologies Sarl and the senior unsecured B3 rating of Garrett LX I SARL.

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

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