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Constellis Holdings, LLC -- Moody's changes rating outlook of Constellis to negative from positive, affirms B3 CFR

Moody's Investors Service has changed the rating outlook of Constellis Holdings, LLC ("Constellis") to negative from positive and affirmed all ratings, including the corporate family rating of B3. The change in rating outlook to negative reflects Constellis' unexpectedly large operating cash flow deficit in the fourth quarter of 2018 with expectation that improved cash flow will likely not develop until mid-2019, and risk that the deficit could continue beyond mid-2019. The affirmation of the corporate family rating at B3 incorporates the issuance of a $100 million senior secured term loan (unrated), in December 2018 thereby strengthening the liquidity profile, now deemed adequate for the next 12 months.