Moody’s could cut Dayton Superior

Moody's Investors Service said it placed Dayton Superior Corp.’s B3 corporate family rating, B3-PD probability of default rating and Caa1 senior secured term loan on review for downgrade due to weakening credit metrics.

The outlook was changed to rating under review from stable.

“Dayton, currently rated B3 stable, has demonstrated an inability to drive revenue growth over the last few years while at the same time adjusted debt leverage has increased, interest coverage has dropped, and free cash flow has remained stubbornly negative,” Moody’s said in a news release.

“Despite having a diverse product base, the company has remained relatively small compared to other rated companies in this rating category.”

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