Moody's trims Polygon

Moody's Investors Service said it downgraded Polygon Group AB's corporate family rating to B3 from B2, the probability of default rating to B3-PD from B2-PD and the ratings on the backed senior secured bank credit facilities to B2 from B1.

The outlook remains negative.

“Today's rating action reflects Moody's expectation that Polygon's free cash flow (FCF), on a Moody's adjusted basis, will remain negative over the next 12-18 months thus preventing any significant improvement in its liquidity profile, which has been deteriorating since 2021,” Moody’s said in a news release.

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