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Article: Moody's changes Brown Jordan outlook to "negative".
- Article from:
- ADP Debt News
- Article date:
- September 25, 2009
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(ADPnews) - Sep 25, 2009 - Moody's lowered the outlook on US furniture maker Brown Jordan International Inc to "negative" citing worries over the continuing negative impact of the flagging economy on the company.
Previously, the outlook was "stable".
Moody's also reiterated the company's B2 corporate family rating, B3 probability of default rating, as well as the Ba3 (LGD2, 17%) rating on its senior secured revolving credit facility, B2 (LGD3, 35%) rating on its senior secured term loan and Caa1 (LGD4, 65%) rating on its senior secured second lien loan.
The agency said that Brown Jordan's sales volume and profitability will continue to be ...