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Moody's lowers DJO Finance
Moody's Investors Service said it downgraded DJO Finance LLC's corporate family and probability of default ratings to B3 from B2.
Moody's also downgraded the ratings on DJO's senior secured credit facilities to Ba3 from Ba2, second-lien notes to B3 from B2, senior unsecured notes to Caa1 from B3 and subordinated notes to Caa2 from Caa1.
The outlook was changed to stable from negative.
The speculative grade liquidity rating was affirmed at SGL-3.
Moody's said the downgrades reflect its expectation that given the reduction in the expected pace of earnings improvement, the company's near-to-intermediate-term credit metrics are unlikely to improve to levels that Moody's had previously expected and which would have supported the previous rating.
Moody's anticipates DJO's adjusted financial leverage for fiscal 2012 to be between 7.5 and 8.0 times.
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