Moody's changes Laird view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the B3 corporate family rating and the B3-PD probability of default rating of AI Ladder (Luxembourg) Subco Sarl (Laird).

Concurrently, Moody's affirmed the B2 ratings on the company's first-lien senior secured term loan B and its $133 million revolver.

“The rating action was triggered by Moody's expectation that Laird – given its weak positioning in the B3 category throughout FY 2019 – might be challenged to improve credit metrics back to the requirements for the B3 rating category in the next 12 – 18 months. A severe contraction of operating performance without sufficient offsetting measures resulting in a negative free cash flow generation could result in a negative rating action over the next months,” Moody’s said in a press release.

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