Moody's downgrades Expro

Moody's Investors Service said it downgraded the corporate family and the probability-of-default rating of Expro Holdings UK 3 Ltd. to B3 from B2 the $1.4 billion senior secured notes due 2016 to B2 from B1.

The outlook is negative.

The downgrade reflects Expro's somewhat weak performance for the year ending March 2010, with revenue and EBITDA below expectations and net leverage higher than expected at 7.3x, according to the agency.

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