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Moody's downgrades W3, loans
Moody's Investors Service said it lowered the corporate family rating of W3 Co., a holding company of Total Safety U.S., Inc., to B3 from B2 due to expectations for persistently high leverage over the near-term, as improvements in operating performance have not materialized as planned.
The probability of default rating was lowered to B3-PD from B2-PD and the ratings on W3's senior secured first-lien credit facility and second-lien credit facility were lowered to B2 and Caa2, respectively.
The outlook is stable.
Moody's said the downgrade reflects weaker-than-expected operating performance in 2013, which prevented the company from deleveraging according to plan.
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