Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Star US Bidco LLC > News item |
Moody's downgrades Sundyne
Moody's Investors Service said it downgraded its ratings for Star US Bidco, LLC (Sundyne), including the company's corporate family rating and the probability of default rating to B3 and B3-PD from B2 and B2-PD, respectively.
Concurrently, Moody's downgraded the first-lien senior secured revolver, the letter of credit facility and the term loan ratings, each to B3 from B2.
“The downgrades reflect Moody's expectation that the company's financial leverage will remain elevated and, along with underlying liquidity provisions, will weaken further throughout 2020 as a consequence of the negative impact on earnings from softness in energy end-markets, as exacerbated by the negative effect of the current coronavirus outbreak on macroeconomic growth and overall industrial activity combined with the recent oil price shock and heightened volatility of the same,” said the agency in a press release.
The outlook is negative.
© 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.