Moody's drops Hanley-Wood

Moody's Investors Service said it downgraded Hanley-Wood, LLC's corporate family rating and the rating on the senior secured credit facility to Caa1 from B2.

The probability of default rating was lowered to Caa1 from B3 and the outlook remains negative, the agency said.

The downgrade to Caa1 and negative outlook reflect Hanley Wood's very high financial leverage and weak liquidity profile, which are expected to deteriorate further over the near term and lead to a capital structure that may be untenable in Moody's view.

The agency added that a significant portion of Hanley Wood's annual earnings are derived from exhibitions held in the first quarter of each year, including its largest trade show "World of Concrete."

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