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Moody's trims TKC
Moody's Investors Service said it downgraded TKC Holdings, Inc.'s corporate family rating to Caa1 from B3, the probability of default rating to Caa1-PD from B3-PD, the senior secured ratings to B2 from B1 and the senior unsecured rating to Caa2 from Caa1. The agency also changed the outlook to negative from stable.
"The downgrade reflects Moody's expectations of weak liquidity and very high financial leverage as reduced inmate spending and persistent cost inflation cause weakness in TKC's operating performance," said Mikhil Mahore, a Moody's analyst, in a press release.
TKC’s operating performance could remain pressured in the next 12-18 months if inflation stays elevated, which could further hurt liquidity, which reflects the negative outlook, the agency said.
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