Moody’s downgrades Lumileds

Moody's Investors Service said it downgraded the corporate family rating of Bright Bidco BV (Lumileds) to Caa1 from B3 and the probability of default rating to Caa1-PD from B3-PD.

Moody's also downgraded to Caa1 from B3 the senior secured term loan B and the $200 million senior secured revolving credit facility.

At the same time, the outlook was changed to negative from stable.

Moody's said it downgraded the ratings to Caa1 following extremely challenging conditions in the company’s core end-markets automotive and consumer LED, resulting in a worse than expected operating performance and a high cash burn in the first six months of 2019.

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