Moody’s revises Reliance to negative

Moody's Investors Service said it affirmed Reliance Intermediate Holdings LP's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba2 senior secured rating and changed the outlook to negative from stable.

"The negative outlook reflects the unexpected incurrence of additional debt to fund a dividend to its private owner which will increase pro forma leverage to 5.5x," Peter Adu, Moody's lead analyst for Reliance, said in a news release.

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