Moody’s downgrades Welbilt

Moody’s Investors Service said it downgraded the ratings of Welbilt, Inc., including the corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD, as well as the senior secured to B3 from B2 and the senior unsecured to Caa3 from Caa2. The SGL-4 speculative grade liquidity rating remained unchanged.

Moody’s changed the outlook to stable from ratings under review. The downgrade and outlook change conclude the review for downgrade started on April 13.

“The ratings, including the Caa1 CFR, reflect Moody’s expectation of credit metrics to weaken substantially, likely into 2021, due to weakness in Welbilt’s primary restaurant end markets and macro conditions, exacerbated by the coronavirus,” the agency said in a press release.

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