Moody's trims Deliver Buyer

Moody's Investors Service said it downgraded Deliver Buyer, Inc.'s (MHS) corporate family rating and senior secured credit facility ratings, each to B3 from B2. The B3-PD probability of default rating was affirmed as Moody's believes the company's default risk remains consistent with the current rating. The outlook is negative.

The downgrades reflect a weak track record of cash generation and the sometimes variable and unpredictable nature of MHS' earnings that have resulted in a slower than expected pace of deleveraging over the last 18 months.

The downgrades also consider an aggressive financial policy more appropriately reflected at the B3 rating level, as well as Moody's expectation of a challenging operating environment during 2020 and a weakening liquidity profile given MHS' heavily used revolver that will limit near-term financial flexibility.

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