Moody's turns NIC Acquisition view to negative

Moody's Investors Service said it changed the outlook of NIC Acquisition Corp. (Innovative Chemical Products Group) to negative from stable.

Concurrently, Moody's affirmed the company's B3 corporate family rating, its B3-PD probability of default rating, the B3 ratings on its first-lien credit facilities and Caa2 rating on the second-lien term loan.

"The negative outlook reflects the company's aggressive debt-funded growth strategy, challenges of integrating two recently acquired businesses and weak credit metrics that leaves little leeway for its B3 CFR," said Jiming Zou, a Moody's vice president and senior analyst for Innovative Chemicals, in a press release.

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