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Moody’s cuts CPI Card, facilities
Moody's Investors Service said it downgraded CPI Card Group Inc.’s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.
Additionally, the agency downgraded the ratings for the senior secured first-lien credit facilities of CPI Acquisition, Inc. (the debt-issuing subsidiary of CPI) to Caa1 from B3.
The speculative grade liquidity rating was downgraded to SGL-4 from SGL-3.
The outlook is negative.
“The downgrades broadly reflect continued uncertainty about whether CPI can return to revenue and profit growth over the next 12-18 months, and an earnings and cash flow profile that can adequately support the company's heavy debt burden,” Moody’s said in a news release.
“Results at December 31, 2017 suggested declines in market share and showed continued declines in pricing per EMV card.”
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