Moody’s cuts Tribe Buyer

Moody’s Investors Service said it downgraded Tribe Buyer LLC’s (Tradesmen) ratings, including its corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

Moody’s also downgraded the instrument ratings on Tradesmen’s senior secured first-lien revolving credit facility and senior secured first-lien term loan to B3 from B2.

“The downgrades reflect Moody’s expectation for further deterioration in Tradesmen’s earnings and credit metrics over the next 12 months as a result of sluggish end-market demand, wage inflation and continued difficulties in its CLC business acquired in 2017,” the agency said in a news release.

The outlook is stable.

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