Moody’s downgrades Expro

Moody's Investors Service said it downgraded Expro Holding UK 3 Ltd.'s corporate family rating to Caa2 from Caa1 and probability of default rating to Ca-PD from Caa1-PD.

The agency also downgraded the ratings of the term loan B and revolving credit facility borrowed by Expro FinServices Sarl to C from Caa1.

The outlook was changed to negative from stable.

Expro entered into a restructuring agreement with the majority of its senior lenders and its shareholders to fully equitize the outstanding about $1.4 billion of senior secured term facilities.

The agency said the ratings reflect a view that the proposed restructuring would result in a significant loss to the lenders of the term loan as it would be fully exchanged into new equity.

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