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Moody’s lowers Mobileum
Moody’s Investors Service said it downgraded Mobileum’s (Matrix Parent, Inc.) first-lien senior secured bank credit facilities to B3 from B2 and second-lien term loan to Caa3 from Caa2. The also lowered the issuer’s corporate family rating to Caa1 from B3 and the probability of rating to Caa1-PD from B3-PD as well as changing the outlook to negative from stable.
“The downgrade actions reflect the significant challenges Mobileum faces in reducing its leverage and improving free cash flow. Moody's expects Mobileum's operating performance will be weaker than previously expected driven by the negative impact of employee turnover, macroeconomic headwinds, and lengthening of the sales cycle.
“While Mobileum will undertake cost-saving measures to improve profitability, the anticipated negative free cash flow generation over the next 12 to 18 months will diminish the company's liquidity profile and increase credit risks,” the agency said in a press release.
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