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Moody's downgrades Alion
Moody's Investors Service said it downgraded the corporate family and probability-of-default ratings of Alion Science and Technology Corp. to Caa2 from Caa1, senior unsecured 10¼% notes to Caa3 (LGD5, 70%) from Caa2 (LGD5, 70%) and speculative grade liquidity rating to SGL-4 from SGL-3.
The agency affirmed the company's senior secured revolver and term loan B at B1 (LGD2, 18%).
The outlook remains negative.
The Caa2 probability-of-default rating reflects Alion's high leverage combined with a weak liquidity profile and approaching financial covenant stepdowns, according to the agency.
For the 12 months ended Dec. 31, the company's debt-to-EBITDA ratio was 9.8x on an adjusted basis.
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