Moody’s cuts Michael Baker, bonds

Moody's Investors Service said it downgraded Michael Baker Holdings, LLC’s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior unsecured bond to Caa2 (LGD 6) from Caa1 (LGD 6).

The agency also downgraded Michael Baker International, LLC’s senior secured bond to B2 (LGD 3) from B1 (LGD 3).

The outlook is stable.

Moody’s said the downgrade results from weak liquidity, low free cash flow generation and interest coverage.

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