Moody’s trims CAR

Moody's Investors Service said it downgraded CAR Inc.'s corporate family rating and senior unsecured rating to Caa1 from B2.

The outlook was changed to negative from ratings under review.

The action concludes Moody's review for downgrade initiated on April 6.

“The downgrade reflects the challenges facing CAR's substantial shareholder, UCAR Inc., which along with the misconduct at Luckin Coffee Inc. are increasingly dragging on CAR's credit profile and are elevating the company's risks in terms of funding access, change of control and default,” Gerwin Ho, Moody's vice president and senior credit officer, said in a news release.

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