Moody's downgrades New Constellis

Moody's Investors Service said it downgraded New Constellis Borrower LLC’s ratings, including the first-lien senior secured term loan to Caa1 from B2 and second-lien senior secured term loan to Caa2 from Caa1.

“The ratings downgrades reflect the company's significant underperformance versus Moody's expectations since completing its distressed exchange in April 2020. The growth in revenue and earnings that was expected to occur since then has not materialized. Revenues have declined and the company has yet to turn an operating profit, which has led to very weak credit metrics,” the agency said in a press release.

The outlook is negative.

© 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.