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Moody's cuts RP Crown, loans
Moody's Investors Service said it downgraded RP Crown Parent, LLC's ratings, including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and the ratings for its first- and second-lien credit facilities to B2 and Caa2, respectively.
The outlook is stable.
RP Crown is the parent company of JDA Software Group, Inc. and RedPrairie Corp., and was formed in connection with the merger of JDA and RedPrairie in December 2012.
Moody's said it downgraded RP Crown's ratings due to the company's significantly weaker than expected operating cash flow resulting from weak license sales and revenues from consulting services that stem from new license agreements. The company's cash burn since closing the merger has eroded its liquidity, which the agency said it now characterizes as only adequate.
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