Moody's lowers TMX Finance

Moody's Investors Service said it downgraded TMX Finance LLC's corporate family and senior secured note ratings to B3 from B2.

The outlook is stable.

Moody's said the downgrade reflects its concern regarding the consolidated company's increased leverage and lower expected debt service coverage metrics after the issuance by TMX's parent of $100 million of payment-in-kind notes on Oct. 31.

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