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Moody’s revises AgroFresh to negative
Moody's Investors Service said it affirmed AgroFresh Inc.'s B2 corporate family rating, B2-PD probability of default rating and B2 senior secured credit facility rating.
The agency also lowered the speculative grade liquidity rating to SGL-3 from SGL-2 and revised the outlook to negative.
Moody’s said the outlook revision reflects diminished growth prospects due to slower than expected commercialization of new products and increased competition relative to when the rating was first assigned.
The negative outlook also reflects patent expiration for the key encapsulation technology over the next two years which, together with increased competitive environment, will likely pressure margins going forward, the agency added.
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