Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for WP CPP Holdings LLC > News item |
Moody’s lowers WP CPP, facilities
Moody's Investors Service said it downgraded WP CPP Holdings, LLC’s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, senior secured first-lien revolver and term loan facility to B2 from B1 and senior secured second-lien term loan to Caa2 from Caa1.
The outlook remains negative.
Moody’s said the downgrade reflects continued topline and earnings pressures driven by increased competition in industrial gas turbine (IGTs) aftermarkets and business jets as well as higher start-up costs relating to new business wins. These headwinds are expected to continue to weigh on WP CPP's financial performance through at least the first half of 2017.
The downgrade also reflects the company's weak liquidity profile which is characterized by negative free cash flow, tightening financial covenants and a reliance on external sources of funding, the agency added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.