Moody’s cuts TurboCombustor, debt to Caa1

Moody's Investors Service said it downgraded its ratings for TurboCombustor Technologies, Inc., including the corporate family and senior secured to Caa1 from B3 and the probability of default rating to Caa2-PD from Caa1-PD.

The outlook is stable.

Moody’s said the downgrade reflects credit metrics that are anticipated to remain weak through the end of 2017. TurboCombustor will have a strained liquidity profile, as the agency expects flat to negative free cash flow generation and a heavy reliance on revolver borrowings through 2017. TurboCombustor's operating performance continues to trail expectations.

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