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On December 4, 2020, Moody's Investors Service downgraded its corporate family rating on Itron, Inc. to B1 from Ba3, its probability of default rating to B1-PD from Ba3-PD and its $400 million senior unsecured notes due 2026 rating to B3 from B2. The downgrade reflects a diminished level of operating performance relative to Moody's expectations which the ratings agency expects to persist and is exacerbated by the negative effects of the coronavirus pandemic and profitability measures that were not sufficiently robust prior to the same. Itron's rating also reflects the Company's high financial leverage and sensitivity of earnings to changes in demand.
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