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Moody’s drops FullBeauty, loans
Moody's Investors Service said it downgraded FullBeauty Brands Holdings Corp.'s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, $820 million first-lien term loan to B2 from B1 and $345 million second-lien term loan to Caa2 from Caa1.
The outlook was changed to negative.
"The downgrade and negative outlook reflect Moody's expectation that FullBeauty’s revenue and EBITDA declines will continue over the next 12-18 months and will sustain credit metrics materially worse than that of a B2 rating," Moody's analyst Dan Altieri said in a news release.
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