Moody’s cuts Quorum, loan to B3

Moody's Investors Service said it downgraded QBS Holding Co., Inc.'s (Quorum Business Solutions) corporate family rating to B3, probability of default rating to Caa1-PD and senior secured credit facility to B3 (all representing one-notch downgrades).

The outlook was changed to negative from stable.

The downgrades stem from Moody's expectations of increased debt/EBITDA leverage over the next year, given the weak economic conditions of the upstream oil and gas markets in which the bulk of Quorum's customers operate, the agency said.

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