Moody’s changes IRI Holdings view

Moody's Investors Service said it affirmed IRI Holdings, Inc.'s ratings, including the company's B3 corporate family rating, B3-PD probability of default rating, and the B2 and Caa2 instrument ratings on the company's senior secured first-lien and second-lien credit facilities, respectively.

The outlook was changed to negative from stable.

The agency said the change in outlook to negative reflects an expectation for little to no earnings growth in 2019 and weak liquidity.

IRI has disclosed that the retail gateway contracts won last year will take longer to ramp up, and will ultimately be less profitable, than Moody's expected at the time of the company's October 2018 syndication, the agency said.

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