Moody's changes LJ Ruby view to negative

Moody's Investors Service said it downgraded its rating for the senior secured first-lien term loan of LJ Ruby Holdings, LLC (Kaman Distribution Group) to B3 from B2 and affirmed all other ratings, including the company's B3 corporate family rating B3 and the Caa2 rating on the senior secured second-lien term loan Caa2.

"The downgrade of the senior secured first-lien loan rating to B3 reflects increased ABL borrowings, which rank ahead of the rated term debt with respect to the company's most valuable current assets," said Shirley Singh, Moody's lead analyst for LJ Ruby, in a press release.

The outlook is negative.

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