Moody's changes Array outlook to stable

Moody's Investors Service said it changed its outlook for Array Midco, Corp. to stable from positive and affirmed its Caa1 corporate family rating, its Caa1-PD probability of default rating, and the Caa1 rating on its senior secured credit facilities.

“The ratings affirmation reflects Moody's expectation that the company's revenue will grow in 2023 and 2024, however, the change in outlook to stable indicates Moody's expectation of modestly negative free cash flow and weak interest coverage, as EBITDA margins remain low,” the agency said in a statement.

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