Moody’s changes IXS outlook to stable

Moody’s Investors Service said it changed its outlook for IXS Holdings, Inc. to stable from negative and affirmed its Caa1 ratings.

“The change to a stable outlook incorporates Moody's expectation that liquidity will continue to strengthen as improved cash generation will result in reduced reliance on the asset-based lending (ABL) facility. The stable outlook also reflects expectations for returns to steadily improve over the course of 2024, though leverage will remain high and interest coverage weak into 2025,” the agency said in a press release.

Though IXS’ EBITA margin has improved, Moody’s said it forecasts the company’s debt to EBITDA, inclusive of adjustments, will stay at more than 7x, but down from 13x at Sept. 30, 2022.

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