Moody's changes Trico view to negative

Moody's Investors Service said it affirmed the ratings of Trico Group, LLC including the B3 corporate family rating and senior secured rating and changed the outlook to negative from positive.

The change in outlook to negative reflects Moody's view that Trico's exposure to new vehicle production (about 25% of revenues) could hurt the company's performance in 2020 compared to previous expectations as the coronavirus pandemic is expected to materially weaken new vehicle production in the near-term.

In addition, while the majority of Trico's business is in the aftermarket with relatively non-discretionary products, travel restrictions and social distancing could result in lower than anticipated replacement volumes.

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