Moody’s cuts Forterra Finance, loan to B3

Moody's Investors Service said it downgraded Forterra Finance LLC's corporate family rating to B3 from B1, probability of default rating to B3-PD from B1-PD, senior secured first-lien term loan to B3 (LGD4) from B1 (LGD4) and speculative grade liquidity rating to SGL-3 from SGL-2.

The outlook remains negative.

Moody’s said the two-notch downgrade reflects the deterioration in Forterra's operating results and credit metrics, the company's substantially higher leverage and weaker coverage, the significant execution risk ahead, and the expectation that the company's credit profile will remain weak over the next 12 to 18 months.

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