Moody's eyes Maxim Crane for downgrade

Moody's Investors Service said it placed Maxim Crane Works Holdings Capital, LLC's ratings under review for downgrade, including the B2 corporate family rating, B2-PD probability of default rating and B3 senior secured second-lien notes rating. The rating outlook has been changed to under review from stable.

The spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe shock across many sectors, regions and markets, Moody’s said.

The equipment and transportation rental industry sector is one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment, the agency.

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