Moody’s changes IXS outlook to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed IXS Holdings, Inc.’s corporate family rating and the probability of default rating at B2 and B2-PD. The agency also confirmed the senior secured term loan at B2.

This action concludes the review for downgrade started on March 26, the agency said.

“The negative outlook reflects the risk that the expected gradual recovery of automotive industry conditions impacted by the coronavirus pandemic could be interrupted from a second wave of infection rates, or from weakening vehicle demand with more extended recessionary conditions from job losses,” Moody’s said in a press release.

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