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Moody's downgrades Tank
Moody’s Investors Service said it downgraded Tank Holding Corp.’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.
Concurrently, Moody’s downgraded the first-lien senior secured ratings to B2 from B1. The outlook is stable.
Moody’s said the ratings downgrade reflects a material decline in earnings due to weakness in the company’s end markets, especially agriculture, which accounts for about half of revenue.
“We expect that leverage will remain around 6.5 times in 2016 as end market weakness persists,” Moody’s said in a news release.
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