Moody’s cuts Terra Millennium

Moody's Investors Service said it downgraded Terra Millennium Corp.'s corporate family rating to B3 from B2, its probability of default rating to B3-PD from B2-PD, its senior secured revolving credit facility and first-lien first-out term loan ratings to B3 from B2, and its first-lien last-out term loan rating to Caa2 from Caa1.

The outlook is stable.

“The downgrade of Terra Millennium's ratings reflect the recent deterioration in its operating performance, credit metrics and liquidity, and the likelihood its metrics will remain relatively weak even after its arbitration claim is resolved in fiscal 2019,” Michael Corelli, Moody's vice president, senior credit officer and lead analyst for Terra, said in a news release.

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