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Moody’s changes Flexential view
Moody’s Investors Service said it affirmed the B3 corporate family rating of Flexential Intermediate Corp. and changed the outlook to negative from stable.
“The outlook change is based on lower than expected revenue and EBITDA growth, higher than expected churn and lower bookings due to issues related to a sales force revamp that is now complete,” the agency said in a news release.
Moody's affirmed the company's B3 corporate family rating, B3-PD probability of default rating, B2 (LGD3) rating to the company's $1.2 billion first-lien term loan and $150 million revolver, and Caa2 (LGD5) rating to the company's $310 million senior secured second-lien term loan.
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