Moody’s trims FTS International

Moody’s Investors Service said it downgraded FTS International Inc.’s senior secured debt ratings to Caa1 from B3.

The agency also downgraded FTS’ corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

“The downgrade reflects Moody’s expectation that FTSI will deliver lower EBITDA earnings and higher financial leverage amid challenging operating conditions in the hydraulic fracturing industry in the next 12-18 months. Lower operating and free cash flow generation will reduce financial flexibility and add to refinancing risks,” said Moody’s in a news release.

Moody’s changed the outlook to stable from positive.

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