Moody’s cuts UTEX

Moody’s Investors Service said it lowered UTEX Industries, Inc.’s corporate family rating to Caa2 from Caa1, probability of default rating to Caa2-PD from Caa1-PD, first-lien term loan to Caa1 from B3 and second-lien term loan to Ca from Caa3.

Moody’s also assigned a Caa1 rating to UTEX’s $50 million revolver.

“UTEX has significant refinancing risk due to approaching debt maturities,” said Amol Joshi, Moody’s vice president and senior credit officer, in a news release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.