Moody’s downgrades Brink’s

Moody’s Investors Service said it downgraded the Brink’s Co.’s corporate family rating to Ba2 from Ba1, probability of default rating to Ba2-PD from Ba1-PD and senior unsecured rating to Ba3 from Ba2. The speculative grade liquidity rating was upgraded to SGL-2 from SGL-3.

“The disruption to Brink’s from the Covid-19 pandemic will further stress the company’s credit metrics, which were already weakly positioned in its rating category following the debt-financed G4S asset acquisition, driving the ratings downgrade,” said Edmond DeForest, a Moody’s vice president and senior credit officer, in a press release.

Moody’s revised the outlook to stable from negative.

The stable outlook reflects Moody’s expectations for Brink’s revenue, profits and cash flow to decline in 2020, but grow again in 2021, the agency said.

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