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Moody's downgrades Jacuzzi
Moody's Investors Service has downgraded the corporate family rating of Jacuzzi Brands Corp. to Caa2 from Caa1 and affirmed its probability of default rating at Caa2.
The outlook is stable.
Moody's said the downgrade reflects Jacuzzi's high leverage and nearing debt maturities, which include its asset based lending facilities maturity in February 2013 and term loan maturities in November 2013 and February 2014.
Moody's said that while it views Jacuzzi's maturity profile as a limitation on its liquidity, the availability on its asset based lending facilities and its covenant-lite debt structure should support its operational cash needs through the maturity and extension of its ABL facilities.
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