Moody's lowers Holley

Moody's Investors Service said it downgraded the ratings of Holley Purchaser, Inc., including its corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and its senior secured first-lien bank credit facilities to B3 from B2. The ratings have been placed on review for further downgrade.

As a company in the automotive parts sector, Holley has been affected by the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, the agency said.

“The combined credit effects of these developments are unprecedented,” Moody’s said in a press release.

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