Moody's changes RGIS outlook to negative

Moody's Investors Service said it changed the outlook of RGIS Services, LLC to negative from stable and affirmed its B3 corporate family rating, its Caa1-PD probability of default rating and the B3 (LGD3) ratings on its senior secured credit facilities.

The agency said the change in outlook reflects the risk that after several years of earnings declines RGIS may not be able to demonstrate stabilization in its operating performance and position itself to refinance its approaching debt maturities in 2017 without principal impairment.

Moody's said it affirmed the ratings based on good liquidity supported by positive free cash flow generation, credit metrics that are in line with the B3 rating and opportunities to reduce operating costs.

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