Moody's cuts NANA, outlook

Moody's Investors Service said it lowered the ratings of NANA Development Corp., including the corporate family rating to B3 from B2.

The agency also changed the outlook to negative from stable.

The agency said the rating downgrade reflects weaker credit metrics and cash flows than were anticipated when the ratings were initially assigned. The negative outlook considers about $25 million of debt amortization required near-term to combat tighter upcoming financial compliance test thresholds that pressure liquidity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.