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Moody’s trims Cimpress
Moody's Investors Service said it downgraded the corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD for Cimpress NV.
The agency also downgraded its ratings for the company's senior secured credit facilities to Ba2 from Ba1 and senior unsecured notes to B2 from B1.
Moody's affirmed the company's speculative grade liquidity rating at SGL-1.
The outlook is stable.
The agency said the downgrades follow Cimpress' announcement that it will be purchasing 99% of BuildASign in a debt-funded transaction, and that financial risk tolerance has increased and leverage, as adjusted by Moody’s, is likely to remain above 3x for the foreseeable future.
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