Moody’s lowers Tosca

Moody’s Investors Service said it downgraded Tosca Services, LLC’s senior secured first lien term loan to Caa1 from B3, its corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.

"Liquidity and credit metrics are weak, while capital expenditures necessary to serve new business negatively affect free cash flow generation," said Scott Manduca, a vice president at Moody's, in a press release. Tosca’s debt leverage is over 7x.

The agency said it forecasts Tosca’s forecast free cash flow will be negative $24 million in 2023 and negative $22 million in 2024.

The outlook is negative.

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