Moody’s lowers CentralSquare

Moody's Investors Service said it downgraded CentralSquare Technologies, LLC’s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

Moody’s cited weaker-than-expected operating results and diminished liquidity.

Also downgraded were CentralSquare’s ratings on its first-lien credit facilities to B3 from B2, and the ratings on CentralSquare's second-lien term loan to Caa3 from Caa2, Moody’s said.

The outlook is negative.

“The negative outlook reflects Moody's expectation of low single-digit organic revenue growth, debt to EBITDA above 10.0x (Moody's adjusted excluding deferred revenue add-backs) and negative free cash flow to debt over the next 12 months,” Moody’s said in a press release.

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