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Moody's downgrades Franklin Energy
Moody's Investors said it lowered KAMC Holdings, Inc.'s (Franklin Energy) ratings, including its corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.
Concurrently, the agency downgraded the instrument ratings on Franklin Energy's senior secured first- and second-lien credit facilities to B3 from B2 and to Caa3 from Caa2, respectively. The outlook was revised to stable from negative.
“The downgrade of the CFR largely reflects Franklin Energy's sustained reduced profitability levels and very high leverage following the onset of the Covid-19 pandemic, as well as Moody's expectation that credit metrics will gradually improve in 2022 but nonetheless remain weak,” the agency said in a press release.
The stable outlook mirrors an expectation Franklin Energy’s weak liquidity profile will improve in 2022 from positive free cash flow, Moody’s said.
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