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On December 21, 2020, Moody's Investors Service downgraded its corporate family rating on Robertshaw US Holding Corp. to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, its first-lien senior secured term loan rating to Caa1 from B3 and its second-lien senior secured term loan rating to Caa3 from Caa2. The downgrades reflect expectations for weak near-term results following continued underperformance relative to Moody's expectations, exacerbated by a protracted recovery in key credit metrics from trough demand impacts in the first half of 2020 as a result of a pullback in appliance spending. The ratings also reflect limited scale with a niche focus, exposure to cyclical consumer spending on appliances, the ongoing need for productivity improvements to help offset customer pricing pressure and expected leverage near 9x.
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