Open Solutions Inc. was downgraded by Moody's Investors Service to a corporate family rating of B3 and ratings outlook of negative and, as of March, was listed as a 'Bottom Rung' company.
The Glastonbury, Conn.-based company was listed among 283 companies rated by Moody's that the agency said are most likely to default on their debts.
Moody's report said that the downgrades, which took place in December, were a result of the company's "weaker than expected financial performance resulting in weaker credit metrics and a reduced liquidity profile stemming from very tight cushions for the financial maintenance covenant under its banking credit agreement."
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Moody's also simultaneously lowered the ratings on Open Solution's senior secured credit facilities to B1 from Ba3 and senior subordinated notes rating to Caa2 from Caa1.
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