Moody’s drops Iracore, notes to Ca

Moody's Investors Service said it downgraded Iracore International Holdings, Inc.'s corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and senior secured notes to Ca from Caa2.

The outlook remains negative.

The speculative grade liquidity rating was withdrawn.

"The downgrade reflects our expectation that the demand for Iracore's products and services will continue to remain weak, resulting in cash flows that will be materially insufficient to cover interest," Moody's assistant vice president, analyst Paresh Chari said in a news release.

"Moody's believe the company will likely default or look to restructure its debt over the next 12 months."

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