Moody’s drops Fairmount Santrol CFR, loan to B2

Moody's Investors Service said it downgraded Fairmount Santrol, Inc.'s corporate family rating and senior secured credit facility to B2 from B1.

The probability of default rating was also downgraded to B3-PD from B2-PD.

The outlook was revised to negative from stable.

Moody’s said the downgrade and negative outlook reflect its expectation that EBITDA and key credit metrics will deteriorate further through the balance of 2015 and, at a minimum, through early 2016, stemming primarily from weakness in the oil and natural gas industry.

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