Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for HDT HoldCo Inc. > News item |
Moody's slices HDT
Moody's Investors Service said it downgraded HDT Holdco, Inc.’s ratings, including the corporate family rating and its senior secured bank credit facility to Caa1 from B2.
“The ratings downgrades reflect the company's declining revenue, significant cash burn and weak liquidity. Annual revenue in fiscal 2023 (fiscal year end June 30) will decline by 15% year-over-year due to lower spending by the U.S. Department of Defense on hard and soft wall shelter structures due to shifting U.S. military priorities. Lower demand has resulted in a buildup of inventory and cash burn,” Moody’s said in a press release.
The agency warned it estimates HDT’s anemic operating results will drive adjusted debt/EBITDA to around 13x at fiscal year-end 2023 and decline to 10x at fiscal year-end 2024.
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.