Moody's downgrades Eagle Intermediate

Moody's Investors Service said it downgraded Eagle Intermediate Global Holding BV's (the Lycra Co.) corporate family rating to Caa2 from B3. Moody's also downgraded the company's senior secured notes to Caa2 from B3 and probability of default rating to Caa2-PD from B3-PD.

In explaining the downgrade, Moody’s cited the effect of the coronavirus on consumer spending, a deteriorating global economic outlook as well as other factors and their impact on textile manufacturers.

The agency revised the outlook to stable from negative.

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