Moody's cuts Wok Holdings

Moody's Investors Service said it downgraded Wok Holdings, Inc.'s corporate family rating to Caa2 from B3 and probability of default rating to Caa3-PD from Caa1-PD.

Moody's also downgraded Wok Holdings' senior secured bank credit facilities to Caa2 from B3. The ratings outlook is negative.

"The downgrade reflects our expectation for a material deterioration in earnings and credit metrics along with free cash flow deficits that are driven by the restrictions and closures across Wok Holding's restaurant base due to efforts to contain the spread of the coronavirus including recommendations from federal, state and local governments," said Bill Fahy, a Moody's senior credit officer, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.