| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for HBC Holdings LLC > News item |
Moody’s drops World and Main, loan to Caa2
Moody's Investors Service said it downgraded HBC Holdings LLC's (doing business as World and Main LLC) corporate family rating to Caa2 from Caa1, probability of default rating to Caa2-PD from Caa1-PD and $100 million first-lien senior secured term loan due 2020 to Caa2 from Caa1.
The outlook was changed to negative from stable.
Moody’s said the downgrade was based on deterioration in World and Main's operating results because of challenges experienced in some of its business segments, the resulting margin pressures and very high debt leverage.
As of Sept. 30, the company's credit metrics were weak with debt to EBITDA (incorporating Moody's adjustments) and EBITA to interest coverage over 10 times and below 1 time, respectively.
In Moody's view, World and Main's capital structure is untenable given its high debt level and weak earnings generation.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.