Moody's downgrades Aramark

Moody's Investors Service said it downgraded Aramark Services, Inc.'s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD, senior secured rating to Ba2 from Ba1 and senior unsecured rating to B1 from Ba3.

The speculative grade liquidity rating is maintained at SGL-1, and the agency revised the outlook to stable from negative.

"The disruption to Aramark's businesses from the Covid-19 pandemic will further stress the company's credit metrics, which were already weakly positioned in its rating category, driving the ratings downgrade," said Edmond DeForest, Moody's vice president and senior credit officer, in a press release.

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