Moody's alters Numotion view to negative

Moody's Investors Service said it revised NMN Holdings III Corp. (Numotion) outlook from stable to negative. Moody's also affirmed all other ratings including the B2 corporate family rating, the B2-PD probability of default rating and the B1 first-lien credit facilities ratings.

“The revision in the rating outlook reflects Moody's expectations that Numotion's leverage will likely remain elevated for an extended period. Moody's estimates Numotion's net debt to EBITDA is currently approaching eight times (excluding Cares grants). Numotion continues to see strong order demand given the essential nature of its products to its clients and Moody's believes the company is likely gaining market share,

“However, the company has seen some supply chain challenges converting the orders to revenue due to delays in obtaining critical components. Revenues have also been pressured to some degree by churn in its employee base notably its assistive technology professionals (ATP),” the agency said in a press release.

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