Moody’s slices Transcendia

Moody’s Investors Service said it lowered Transcendia Holdings, Inc.'s first-lien senior secured credit facilities due 2023 and 2024 to Caa2 from B3 and the rating on the second-lien senior secured credit facility due 2025 to Ca from Caa3. The also downgraded Transcendia’s corporate family rating to Caa3 from Caa1 and probability of default rating to Caa3-PD from Caa1-PD.

Additionally, Moody’s changed the outlook to negative from stable.

"The downgrade reflects significant refinancing risk, with Transcendia's revolving credit facility expiring in November 2023 and its first-lien term loan maturing May 2024. The company's financial results are challenged, resulting in high debt leverage and minimal liquidity, which raises the risk of a debt restructuring," said Scott Manduca, a Moody's vice president in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.