Moody's downgrades Mavis Tire

Moody's Investors Service said it downgraded the ratings of Mavis Tire Express Services Corp., including the corporate family rating, which was downgraded to B3 from B2. The outlook is stable.

"Today's downgrade considers Mavis' leverage, which has remained in excess of the 8.5 times pro forma level at rating initiation," stated Charlie O'Shea, a Moody's vice president, in a press release.

"The uncertainty surrounding the potential impact of the coronavirus on the company's customer base and demand for its products and services is an additional contributing factor, though Moody's notes that auto repair is being considered 'essential' by many state and local governments and facilities remain open. Moody's notes that Mavis maintains good liquidity, with no debt maturities until 2023," he said.

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