Moody’s downgrades Brock, loans

Moody's Investors Service said it downgraded Brock Holdings III, Inc.'s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, $510 million first-lien term loan to B3 (LGD3) from B2 (LGD3) and $190 million second-lien term loan to Caa3 (LGD5) from Caa2 (LGD5).

The outlook remains negative.

Moody’s said the downgrade reflects the deterioration in Brock's operating results and credit metrics, the company's strained liquidity profile with increased refinancing risk with maturities due during the next 12 to 18 months, and the expectation that the company's credit profile will remain weak over our time horizon.

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