Moody's downgrades Blue Ribbon

Moody's Investors Service said it downgraded Blue Ribbon, LLC’s corporate family rating and senior secured ratings to Caa1 from B3. The probability of default rating was downgraded to Caa1-PD from B3-PD. The outlook remains negative.

“The downgrade reflects refinancing risk in the current volatile environment given its near-term revolver maturity, high debt to EBITDA leverage, an aggressive financial policy, particularly with respect to back up liquidity and challenges to grow volumes in the core business. Leverage, which was over seven times as of September 2019, is expected to moderate only slightly to closer to seven times by year-end,” said Moody’s in a press release.

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