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Moody’s downgrades TriMark
Moody's Investors Service said it downgraded TMK Hawk Parent, Corp.'s (TriMark) corporate family rating and probability of default rating to Caa1 from B3 and Caa1-PD from B3-PD, respectively.
In addition, the company's senior secured first-lien credit facilities were downgraded to Caa1 from B3 and its senior secured second-lien credit facility was downgraded to Caa3 from Caa2.
The outlook remains negative.
“The downgrade of TriMark's ratings to Caa1 is largely the result of an unsustainable capital structure with excessive leverage, limited interest coverage, and negative free cash flow generation,” Moody's vice president and lead analyst Brian Silver said in a news release.
“The company's debt-to-EBITDA is in excess of ten times on a Moody's adjusted basis, while its interest coverage is less than one time EBITA-to-interest.”
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