Moody’s changes Zep to negative

Moody's Investors Service said it changed its outlook for Zep Inc. to negative from stable.

At the same time, the agency affirmed its ratings for Zep, including the company's B3 corporate family rating and B3-PD probability of default rating.

Moody’s also affirmed the B2 ratings for its first-lien senior secured credit facilities and the Caa2 rating for its second-lien term loan.

"The change in outlook to negative reflects the risk that the company will be unable to reverse recent operating declines due to difficulty and delays with its restructuring efforts and recent raw material price increases," Joanna Zeng O'Brien, Moody's lead analyst for the company, said in a news release.

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