Moody’s downgrades Crane NXT senior secured debt on recovery value
Moody's Ratings Agency has lowered Crane NXT, Co.’s senior secured debt rating to Ba1 from Baa3, citing a lower recovery value for the debt. The company's corporate family rating remains at Ba1, and its probability of default stands at Ba1-PD. The senior unsecured notes due 2048 retain a Ba2 rating, while the SGL-1 Speculative Grade Liquidity Rating stays unchanged. The downgrade stems from the substantial amount of secured debt in Crane NXT's capital structure.
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