Moody's changes Emeco to negative

Moody's Investors Service said it changed the outlook on the B1 corporate family rating of Emeco Holdings Ltd. to negative from stable.

At the same time, the agency changed the outlook to negative on the Ba3 rating of the $335 million senior secured notes due 2019 issued by Emeco Pty Ltd. and the Ba1 rating assigned to the A$50 million three-year senior secured revolving credit facility.

All ratings were affirmed.

"The change in outlook to negative reflects the company's downward revision to its earnings guidance for FY14. The lower EBITDA guidance range represent around a 12% to 20% reduction from the company's previous guidance range and is below our estimates when the rating was initially assigned," Moody's analyst Saranga Ranasinghe said in a news release.

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