Moody's cuts Hunter Defense, loans

Moody's Investors Service said it downgraded Hunter Defense Technologies, Inc.'s ratings, including its corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

Concurrently, Moody's lowered the ratings on the company's first- and second-lien bank debts by one notch to B3 and Caa3, respectively.

Moody's said the downgrade is due to the high likelihood that the company will need do a debt refinancing over the next 12 months in order to address sizable upcoming debt maturities, weaker-than-anticipated operating performance and continued uncertainty in the defense sector.

The outlook was changed to negative from stable reflecting elevated near-term refinancing risk.

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